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.

Wavy Line

Editor's Pick

'Catastrophic': Here's What You Should Know About the Debt Ceiling Crisis — And How a Default Could Impact Your Business
Lock
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Lock
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Lock
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Business News

'All Hell Is Going to Break Loose': Barbara Corcoran Issues Warning About Real Estate Market, Interest Rates

The "Shark Tank" star appeared on FOX Business' "The Clayman Countdown" this week.

Money & Finance

3 Ways to Create Multiple (Big) Streams of Income

Here are three ways to create multiple streams of income. These strategies require effort and resources but offer significant financial potential.

Leadership

The Real Reason Why The Return to Office Movement is Failing is Revealed in New Study

There is a vivid sign of the disconnect between employees and their workplace, a glaring indication that companies need to revise their scripts to improve their hybrid and remote work policies.

Business News

An NFL Coach Saved a 3-Year-Old Boy From Drowning in a Hotel Pool. 'I'm Thankful I Knew What To Do.'

Los Angeles Rams defensive coordinator Raheem Morris was at the right place at the right time — with the right knowledge.

Science & Technology

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.

Angelina Tsuboi, a full-stack mobile and web developer who also happens to be a pilot, has always been solution-oriented.

Business News

7 of the 10 Most Expensive Cities to Live in the U.S. Are in One State

A new report by U.S. News found that San Diego is the most expensive city to live in for 2023-2024, followed by Los Angeles. New York City didn't even rank in the top 10.