It resumed its upward momentum, rising 75 percent from the beginning of the session after slumping when trading platforms imposed buying halts on viral stocks.
Online brokers’ decision to restrict retail investors from trading in GameStop draws backlash.
“This group was removed for violating our Community Standards, unrelated to the ongoing stock frenzy,” says Facebook spokesperson Kristen Morea.
Lawsuit filed in the US District Court of New York says Robinhood's decision to block trading of GameStop stocks "deprived retail investors of the ability to invest in the open-market."
A group of amateur investors, using the online platform Reddit and calling itself WallStreetBets, is credited with pushing up GameStop shares to as high as $380 from $18 just a few weeks ago and roiling the Wall Street establishment.
A rally fueled by social media users has left established funds reeling under losses.
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