The anger is being heard right through the computer screen.
In reddit chats like “Wall Street Bets,” individual investors are furious at the trading platforms like Robinhood that won’t allow them to trade specific stocks.
Barstool Sports’ Dave Portnoy, who is popular in the on-line trading community tweeted, “Either @RobinhoodApp allows free trading like they say they do or they die. It’s really that simple.” In addition, he accused the company of failing to live up to its mandate to democratize finance.
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 pic.twitter.com/Xcvs4CdEmr
— Dave Portnoy (@stoolpresidente) January 28, 2021
Robinhood, the popular online trading platform, as well as Interactive Brokers, have not only shut down buying of Gamestop, they’re hiking margin requirements to make it more difficult to use leverage to buy stocks and options.
In addition, trading is being limited in additional names that the online community is targeting. These include; Blackberry, AMC, Bed Bath and Beyond, Express, Koss, Naked Brand Corp, and Nokia.
The brokers cite extreme volatility as a reason for the moves.
But, the online trading community is accusing these establishment of “shutting them out.” “Why,” they’re asking each other, “can a billionaire hedge fund owner push a short position on national television but, an individual owner of a stock can’t push a long position online?”
Elsewhere, the broader market is recovering after Wednesday’s sell-off.