On Wednesday, the New York Stock Exchange halted trading of GameStop and AMC, and Canada's trading regulator halted BlackBerry. In response, several large trading platforms temporarily halted trading on the affected stocks. The result has been chaos for the funds that shorted GameStop, with Melvin Capital needing to call in a multibillion-dollar backstop investment to cover its losses. BlackBerry, AMC, and Nokia, other WallStreetBets favorites, are also up. Now that the meme has caught on and been encouraged by Elon Musk (who famously despises short sellers and whose company Tesla is another retail investor darling), GameStop's stock is worth roughly $350, up from $4 in December. The idea was that GameStop's stock was extremely undervalued, and that hedge funds had overextended themselves by betting against it, or "shorting" it. Over the past week, the stock market has gone haywire as retail investors on the /r/WallStreetBets subreddit decided to buy the stock of the video-game retailer GameStop en masse. This is potentially devastating for novice investors or those who simply want to follow the general marching orders of the r/WallStreetBets subreddit, which is to hold (and buy more) GameStop stock until further notice. 5 stars because while sometimes there are in app issues most times it relates to problems completely out of WMs control and to me personally I think the. Holders are now unable to freely trade it the app is only allowing users to close out their positions, meaning they can sell it but not buy more. This is likely to have a massive impact on Robinhood users and ultimately the company. Searches for "GameStop" and "GME" on the app itself no longer return any results. "This stock is not supported on Robinhood," a message reads when we tried to purchase GME. We were able to buy a stock we picked randomly-something called SRNE-with no problem. Using a non-work phone or computer, you can contact Jordan Pearson securely on Wickr at jordanpearson, or email was unable to place orders to purchase shares or fractional shares of GameStop, AMC, BlackBerry, or Nokia in pre-market trading on the RobinHood app. Have you made money buying GameStop stock? Do you work at Robinhood or another trading platform? We'd love to hear from you. Robinhood did not respond to a request for comment. We also raised margin requirements for certain securities,” the blog post read. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. “We continuously monitor the markets and make changes where necessary. In a blog post, Robinhood confirmed that it has placed restrictions on several stocks due to volatility.
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