Amid Backlash, Robinhood Allows Investors to Buy GameStop, AMC Again
Online brokerage app Robinhood reversed course and will let investors buy shares of GameStop (NYSE: GME), AMC Entertainment (NYSE: AMC), and 11 other volatile stocks that it previously prevented them from buying.
Robinhood CEO Vlad Tenev told CNBC the decision to allow investors only to close out their positions in these stocks and not to buy them was to protect the firm and investors. He maintained it was done to comply with SEC capital requirements and not at the behest of any market makers or hedge funds that took enormous short positions and then got caught in a massive "gamma squeeze."
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Source Fool.com
