Robinhood Removes Trading Restrictions on GameStop and AMC.
Last week, the free trading app limited how much stock investors could buy in GameStop, AMC and more following volatility at the hands of Redditors.
For a short while, they were only permitted to sell those stocks, causing outrage among customers and lawmakers.
Robinhood blamed its actions on clearinghouse deposit requirements, but many people accused the company of market manipulation.
Others suggested the broker simply didn't have enough liquidity to cover the volatility.
Robinhood CEO Vlad Tenev addressed
the situation on Thursday.
Transforming an industry from the inside takes determination, hard work, investment, and a laser focus on the people we want to serve. , Robinhood CEO Vlad Tenev, via Twitter.
Occasionally there are shortfalls along the way, Robinhood CEO Vlad Tenev, via Twitter.
After gradually easing restrictions all week, traders can now increase their positions without limits.
GameStop shares crashed over 83% this week, but premarket trading on Friday saw a rally of 8%
