Ja Rule (Yes, Ja Rule) Offers His 2 Cents On GameStop Stock Chaos
CHARLOTTE, N.C. – Free trading app Robinhood has banned the purchasing of GameStop, AMC, and other stocks targeted by Reddit traders. The move comes after a group of amateur investors organized on the website Reddit and increased shares of GameStop nearly 2,500 percent this month alone. The Reddit crew reportedly rallied certain stocks to push back against the Wall Street establishment.
But now, Robinhood will allow for limited purchases on Friday. Lawmakers on both sides of the aisle say Robinhood’s initial decision to only allow users to close out their positions in those stocks is unacceptable. Even Jordan Belfort, author of the best-selling book, The Wolf of Wall Street, is chiming in. “The SEC and NC are playing catch a ball, they’re always trying to figure out ‘how do you stop it’? So eventually they will do something here and they’ll come up with some laws are circuit breakers that don’t allow this to happen, but that could take three to six months. It will eventually, I believe, stop as it should,” he says.
Rapper Ja Rule is also weighing in. He tweeted, “This is a crime Robinhood — do not sell! Hold the line!” As you may know, Ja Rule was an organizer of the infamous Fyre Festival, that defrauded millions of dollars from party-goers and workers. Social media surely hasn’t forgotten because they replied with comments like, “I’ve seen Fyre and therefore will not be taking any advice from Ja Rule, financial or otherwise.”
This episode’s panel features:
WCCB TV’s Morgan Fogarty
WCCB News @ Ten anchor Drew Bollea
WCCB Sports anchor Zach Aldridge