Gamestop Shares Plunge As Amateurs Hit By Trading Bans

THE METEORIC rise in Gamestop shares that shook the financial world has home crashing down as millions of amateur investors find themselves no longer able to buy stocks in the company through popular platforms.

Amateur stock market enthusiasts found themselves unable to buy shares in certain companies – including Gamestop – on the popular Robin Hood platform, leading to allegations of a Wall Street conspiracy to stop what some see as a revolution in finance.
Some of America’s biggest hedge funds lost billions of dollars by “shorting” (betting against) the rise of Gamestop, a failing US retailer who saw its stock value soar by 300% thanks to investments from armies of stock market enthusiasts. It has now come crashing down – its value dropping by 40% as its shares can no longer be purchased by the Robin Hood app’s 13 million users, half of whom own shares in Gamestop.
This has provoked allegations that Wall Street conspired with the app, and possibly the government, to end a digital financial revolution in which big banks were taken on by legions of amateurs. Robin Hood’s decision has been questioned by politicians from both sides of the political spectrum.
Ted Cruz, a Republican Texas governor, endorsed a tweet by New York’s progressive Democrat Senator Alexandra Ocasio-Cortes who wrote: “We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.”

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