Robinhood Clients Say Platform Has Removed GameStop and AMC, and Is Only Allowing Holders to Sell The move comes after traders organizing on Reddit forums furiously bid up the shares in an unprecedented short squeeze.

By Ben Winck

This story originally appeared on Business Insider

Ben Gilbert via BI

Robinhood removed GameStop, AMC, BlackBerry and Nokia from its trading platform on Thursday, leaving investors unable to buy the highly volatile stocks.

The discount brokerage informed clients they can close out positions in the affected stocks but cannot purchase additional shares, according to numerous screenshots shared on Twitter. The move came before markets opened on Thursday.

The stocks that were removed have all surged in recent trading sessions as day-traders united in Reddit forums like WallStreetBets frenetically buy the names to push their share prices higher. The phenomenon has already fueled massive losses for numerous hedge funds and caught the attention of regulators and the White House.

Robinhood has not replied to a request for comment.

Related: GameStop Shares Soar on Wall Street Because of Reddit

Robinhood's move follows similar freezes imposed by Charles Schwab and TD Ameritrade on Wednesday. Extraordinary trading volumes also prompted service outages across several brokerages as investors rushed to the heavily shorted stocks.

Check back soon for updates.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Starbucks Is Looking to Remove Seed Oils From Some of Its Food Products

The coffee giant is also launching a new egg bite made with avocado oil.

Business News

Microsoft, OpenAI, and Anthropic Pour $23 Million into an AI Training Center for Teachers

The hub will train teachers to use AI for tasks like generating lesson plans.

Business News

Wimbledon Player Begs Morgan Stanley to Give His 'Lucky Charm' Sister More Time Off Work

Ben Shelton, ranked No. 10 in the world, is playing in the quarter-final round on Wednesday.

Business News

Barbara Corcoran Did 'Crazy Things' to Retain Employees, From Hot Air Balloon Rides to a Free Bentley: 'We Had No Turnover'

Corcoran sold her brokerage firm, The Corcoran Group, for close to $70 million in 2001.