I think Robinhood is limiting trades of non targeted stocks as a defense of plausible deniability that they were directly involved in market manipulation. In other words they are trying to muddy the waters to claim they were only trying to protect the little guy. All I can say is good luck with that.
I have already predicted this will be the end of Robinhood.
The CEO is going to be lucky to stay out of prison. Somebody is going to have to take one for team commie and he is the most likely candidate and front runner.
BOMBSHELL ALLEGATION: Man Claims To Be Robinhood Employee & Says The White House Pressured Halt of GameStop Trading
https://breaking911.com | By T. Grant Benson - January 28, 2021
Fueled by the “WallStreetBets” Reddit forum, GameStop’s market value has risen over 466% this week.
Thursday morning, Robinhood, one of the top free trading apps, put restrictions on trading $GME (GameStopCorp.) This action was immediately met with backlash across the internet. One Reddit user, Odin19199, claiming to be an employee of Robinhood, stated that the company was pressured to halt GameStop trading by Sequoia Capital and the White House. These allegations have not been independently confirmed by Breaking911.
In the post, he alleges that he overheard that “Vladimir, yes founder Vladimir [Tenev], and the C-Suite, received calls from Sequoia Capital and the White House that pressured into closing trading on GME.”
The user then goes on to state that he has information and documentation regarding the situation that he is planning to provide to Project Veritas and lawyer Glen Greenwald.
The newly-confirmed Treasury Secretary, Janice Yellen, has financial ties to one of the hedge funds that came to the aid of Melvin Capital, one of the companies that saw large losses after GameStop’s market surge. Yellen’s financial disclosure shows her receiving around $800,000 from Citadel for speaking fees.