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The rookies are piling into names heavily shorted by hedge funds, squeezing the stocks higher as the institutions rushed to cover their losses. The steps by Robinhood and Interactive Brokers taken Thursday were more drastic than what brokerages did earlier in the week.

Robinhood customers took to Twitter to express their outrage surrounding the decision. Robinhood has made a name for itself through its mission to democratize investing for everyone. The Silicon-Valley start-up with more than 13 million users pioneered free trading, forcing the entire brokerage industry to drop commissions in late There should be a class action lawsuit. I thought we had a free market. So Wall Street is OK with me losing hundreds of dollars, so that rich investors can't be called out on their risks The Reddit crew is banding together to rally certain stocks in what some say is pushback against the Wall Street establishment.

Hedge fund Melvin Capital closed out its short position in GameStop on Tuesday after taking huge losses as a target of the army of retail investors.

Taking payments for order flow from Wall Street firms is a controversial, but legal practice done by most electronic brokers. For Robinhood, it's the biggest revenue source.

There was some speculation about brokers receiving pressure from other entities to halt trading in certain stocks. Citadel Securities remains focused on continuously providing liquidity to our clients across all market conditions," the company told CNBC. Alexandria Ocasio-Cortez weighed in on Twitter, calling Robinhood's new parameters "unacceptable. Amid twitter threats about a class action lawsuit against Robinhood, law firm ChapmanAlbin LLC announced Thursday it is "investigating claims on behalf of Robinhood users that were affected and suffered losses as a result of investing in Gamestop or AMC through the Robinhood brokerage platform.

Skip Navigation. Key Points. Free-stock trading pioneer Robinhood and Interactive Brokers took steps to curb the wild trading activity in heavily shorted names like GameStop. In some cases, investors would only be able to sell their positions and not open new ones. The brokers also raised margin requirements for certain securities. Earlier that same day, high-profile venture capitalist Chamath Palihapitiya also tweeted that he was investing in GameStop. His tweet garnered some 26, likes.

The stock opened on Jan. He added that he respects the market and has "respect for the people on the Wall Street Bets and on Reddit message boards. The saga took an unexpected turn on Jan.

TD Ameritrade said this was "in the interest of mitigating risk". Robinhood similarly cited volatility, but later said this decision was made based on clearinghouse-mandated deposit requirements that it said "increased ten-fold. Lawmakers and political figures on both sides of the aisle soon weighed in.

Alexandria Ocasio-Cortez, D-N. Ted Cruz, R-Texas, said that he agreed with her -- though they didn't end up agreeing to work together. The U. Securities and Exchange Commission on Jan.

The SEC's statement, however, did not mention any stocks, social media platforms or trading platforms by name, but said the agency "will act to protect retail investors when the facts demonstrate abusive or manipulative trading activity that is prohibited by the federal securities laws.

He added that in many ways "there's really no difference" between what this Reddit army did and what hedge funds or institutional investors do when they see a stock that is mispriced in some way.

After a drama-filled week that gripped the nation, the entertainment industry outlet Deadline reported that the saga was already being turned into a movie that was being produced by Tyler and Cameron Winklevoss of "The Social Network" fame. MGM Studios shared Deadline the article on their site. After it's precipitous rise the previous few weeks, on Feb. Vanderbilt professor White told ABC News that this "David versus Goliath" saga "reflects a lot in our society" amid a pandemic that has exacerbated income inequality.

Still, he expressed worry about what comes next -- and how GameStop falling will ultimately impact these individual investors and faith in the stock market at large.

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