The Robinhood GameStop stock trade has been a rocky road. Some have done well, which seemed to have caused the company to stop people from trading said shares on the app. This move drew universal backlash across the political and now Robinhood is going back on that policy. Robinhood GameStop and AMC stock trade will be reallowed starting January 29, but it will only be available in limited quantities.
Robinhood GameStop stock is coming back… sort of
Robinhood sent news of this change in an email to its customers and a blog post on its site.
“It’s been a tough day, and we’re grateful to you for being a Robinhood customer,” reads the email. “In light of the extraordinary market conditions this week, we temporarily limited buying for certain securities this morning. Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed. This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity.”
Many took umbrage with the timing as it looked as though the app was protecting the wealthy. But Robinhood was firm in saying that was not the case and was some sort of internal risk within the app developer.
“To be clear, this decision was not made on the direction of any market maker we route to or other market participants,” read another part in the email.
It is not yet apparent how this limited these buys will be. There’s a lot going on and many might have a different interpretation of what “limited” means. Regardless, there will undoubtedly be some other wrinkle on this tomorrow as this does not seem like a simple story that will go away overnight.