And amid this backdrop, there has been a further twist in the tale, with Reddit investors left angry at trading platform Robinhood. The app, first founded in 2013, is a stocks trading app that is predominantly used by millennials. But amid the Reddit-fuelled drive in the GameStop stock price, Robinhood announced they were limiting purchases of restricted stock.
Robinhood co-founder Vladimir Tenev tweeted: “To be clear, this decision was not made on the direction of any market maker we route to or other market participants. Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and make adjustments as needed.”
The decision has led to anger among the Reddit community, with many hobby-investors feeling betrayed by the new restrictions, which were seen to benefit Wall Street firms desperate for the stock price to fall in order to dilute some of their vast losses.