Elon Musk accuses Discord of going corporate after it bans Reddit group that is boosting Gamestop stock
WallStreetBets – a community of young retail investors - was purged from messaging service Discord after they were tied to price surges on Wednesday
Musk tweeted: Even Discord has gone corpo…
WallStreetBets Reddit page has seen millions of new members arriving in recent days after Musk posted a link to the group on Twitter, writing: Gamestonk!!
But such are the fears over the viral investing, Joe Biden s White House staff are monitoring the situation - as is the Securities and Exchange Commission
Robinhood on Thursday halted the ability to purchase new shares of GameStop
Also stopped purchase for AMC, Nokia, Bed Bath & Beyond, BlackBerry, Express
In some cases Robinhood sold off shares without permission from the user
The move drew outrage from Reddit users who had driven share prices up
Both parties in Congress joined the outcry, as well as Dave Portnoy and Ja Rule
Senate Banking Committee planned hearings to investigate the matter
GameStop had surged more than 1,700% percent this month in short squeeze
But shares sank 44% on Thursday after Robinhood banned buying shares
The struggling company runs a chain of video game stores across the country
‘allowing people only to sell is the definition of market manipulation.’ Others
encouraged other investors to hold their positions, reasoning that Robinhood and other brokers sought to incentivize users to sell their stocks to bring GameStop and other surging stock prices down.
Also joining the fray was famed
Barstools founder,
David Portnoy who blasted Robinhood, accusing the company of siding with the Wall Street establishment over ordinary people who are just trying to get rich.
‘And it turns out
@RobinhoodApp is the biggest frauds of them all. “Democratizing finance for all” except when we manipulate the market cause too many ordinary people are getting rich.’