And with that in mind, there was another twist in history: Reddit investors were angry with the Robinhood trading platform. Founded in 2013, the app is a stock trading app that is mostly used by millennials. However, amid the surge in GameStop’s share price powered by Reddit, Robinhood announced it would limit purchases of restricted stocks.
Robinhood Co-Founder Vladimir Tenev tweeted, “To be clear, this decision has not been made in the direction of a market maker to refer to or other market participants. Starting tomorrow, we plan to allow limited purchases of these securities. We will continue . ” to monitor the situation and make adjustments as needed. “
The decision has sparked anger in the Reddit community, and many amateur investors feel betrayed by the new restrictions that are benefiting Wall Street companies desperately looking for a decline in value to dilute some of their huge losses.