In the wake of Robinhood’s surprise trading blockade, a new class of Reddit investors are looking for apps that allow them to invest their money in their favorite stocks.Thursday morning, Robinhood announced it would temporarily block investors from buying or by commercial companies, including GameStop. , AMC, BlackBerry, Bed Bath & Beyond, and Nokia, all of which have been subject to unexpected demonstrations in recent days, but for the online communities that fueled those demonstrations, the blockade is being treated as a real betrayal. Discussions about currency exchange have escalated on Twitter and in investment discords after Robinhood stopped buying and trading stock, citing “recent volatility” in the market with the aforementioned stock as the reason it prevented further exchanges.
the App Store has received thousands of reviews with one star as a form of practice known as review bombing. On the r / WallStreetBets subreddit, an angry Robinhoo d users are demanding class action lawsuits because “allowing people to only sell is the definition of market manipulation,” according to a post. There’s even a new subreddit specifically for suing the company. Another Robinhood user tweeted after years of operating the platform, the move seemed like a “slap in the face”, adding “being regulated at a time of absolute prime opportunities is an embarrassment.
Robinhood has been a central part of the chaos in the financial sector for the past few days. Investors from r / WallStreetBets or its private Discord server used the personal finance app to inflate GameStop and other stocks as a blow to Wall Street hedge funds.Now that Robinhood has taken steps to stem the rally, the r / WallStreetBets feels -Community cheated – and is already looking for alternatives.