Gotem on a short lease.
To much fanfare, late on Thursday Robinhood "caved" to massive peer pressure as WallStreetBets, politicians, the public, even its employees, raged at the company's decision to halt buy orders in GME - which had sent the stock price crashing - and once the company relented and said it would again allow stock purchase, GME stock exploded, soaring as high as $460 today after dropping to just above $100 yesterday.
However, as always, there is a catch, because while Robinhood allows purchases of GME stock... they are limited to just 2 shares!
Other size restrictions are as follows:
- AAL - 55 shares
- AMC - 25 shares
- BB - 25 shares
- BBBY - 30 shares
- CTRM - 1650 shares
- EXPR - 200 shares
- GME - 2 shares
- KOSS - 10 shares
- NAKD - 300 shares
- NOK - 50 shares
- SNDL - 1200 shares
- TR - 25 shares
- TRVG - 400 shares
While previously it has been reported that RObinhood's limitation is 5 shares, whether it is 2 or 5 is modest, but what matters is that Robinhood has come up with a clever loophole: while it still "allows" buying of GME stock - as a reminder it was the outright halt of buying that sparked a firestorm of response - it permits so little that it would have virtually no impact on either Robinhood's balance sheet or any investor's wealth chances.
But at least it's "allowing" customers to trade in GME again, thus frontrunning even more populist anger. Smart.
https://www.zerohedge.com/markets/robinhood-limits-purchases-gme-just-2-shares
