Facebook shuts stock trading group after GameStop frenzy

Facebook shuts stock trading group after GameStop frenzy
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Facebook shuts stock trading group after GameStop frenzy
A 3D-printed Facebook logo is seen in front of a stock chart in this illustration taken on Nov 3, 2016. (Photo: Reuters/Dado Ruvic)
29 Jan 2021 10:55PM
(Updated:
29 Jan 2021 11:02PM)
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SAN FRANCISCO: Facebook took down a popular Wall Street discussion group, Robinhood Stock Traders, in a move its founder said was an unjustified response to conversations that have buoyed shares in GameStop and other companies.
GameStop, AMC Entertainment Holdings and BlackBerry have been at the centre of a market battle as individual investors coordinating on social media, including Reddit, and using trading apps such as Robinhood, bought shares and squeezed hedge funds that had bet big the companies would fall.

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