The online trading platform Robinhood lifted trading restrictions on shares of GameStop Corp and AMC Entertainment Inc. late Thursday. remove.
“There are currently no temporary limits to expanding your positions,” Robinhood’s website said Thursday night.
Last week, Robinhood provoked anger – and lawsuits – from some users by restricting the trading of 50 extremely volatile stocks that were severely shorted. The list was suspended until eight on Sunday, and by Thursday only GameStop and AMC remained. Earlier Thursday, GameStop had a purchase limit of 500 shares, while AMC had a limit of 5,500.
The relaxation of the restrictions comes because the huge wave that GameStop, AMC and others have lifted appears to be amid increasing regulatory investigations. After hitting a $ 483 high on January 28, GameStop GME shares,
fell 42% on Thursday to close at $ 53.50, and is down 84% this week. AMC’s stock AMC,
is down 47% this week and closes 21% on Thursday to $ 7.09.
Treasury Secretary Janet Yellen met with the best financial regulators on Thursday and promised to protect investors and maintain ‘fair and efficient markets’.
The extremely volatile trading was spurred by online commentators, particularly on Reddit, who bought shares in a number of companies to spoil short sellers’ positions.