Robinhood finally lifted all restrictions on shares powered by WallStreetBets like GameStop and AMC, according to a report on Friday. Reuters. The company currently lists no limits in its support document entitled “Changes due to continued market volatility”, while last week, there were more than 50 companies included on the list.
Robinhood’s decision to restrict the purchase of certain shares caused a storm of controversy, leading to harsh condemnations by major public figures and politicians and the app being tested on Android and iOS. For its part, Robinhood said it was not closing deals as a matter of principle or because of any dubious deals with hedge funds, but because it simply did not have enough money to meet regulatory requirements.
On the day the restrictions were put in place, GameStop’s stock closed at $ 325. Yesterday, it closed at $ 53.50, so it can be argued that the rush is over. So Robinhood lifting the restrictions doesn’t matter anymore, as the huge volume of negotiations going on last week seems to have subsided.
With that said, GameStop’s shares have seen some activity today, reaching $ 95 per share. At the time of writing, GME was back in the $ 60 range, and there is no telling what will close today. But for now, it looks like at least it looks a little better than it was yesterday.