Facebook Temporarily Suspends Stock Trading Group After GameStop Frenzy
Following Reuters s report that it had been removed, the Robinhood Stock Traders group was restored.
Photo: Reuters
Tech30/Jan/2021
Facebook Inc took down a popular Wall Street discussion group, Robinhood Stock Traders, in a move the groupâs founder said was an unjustified response to conversations that have buoyed shares in GameStop Corp and other companies.
GameStop, AMC Entertainment Holdings Inc 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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29 January 2021, 2:45 am EST By
Amid all the frenzy between independent investors rallying behind struggling companies like AMC, GameStop, and Blackberry and Wall Street investors, a popular Facebook trading discussion group had been shut down by the Mark Zuckerberg-owned company.
(Photo : Burak K from Pexels)
The ban happened amid the ongoing stock frenzy.
Facebook Bans Trading Group
According to Reuters, the Facebook Wall Street discussion group called Robinhood Stock Traders were apparently shut down for violating the platform s policy.
The 23-year-old Chicago native creator of the group, Allen Tran, said that he woke up on Wednesday, January 27, with a notification from Facebook, saying that they had disabled the group, which had over 157,000 members.