Corporate benevolence has never looked so sweet.
After first preventing its users from purchasing GameStop stock on Thursday, the free-trading app Robinhood reversed course. On Friday, in its ultimate wisdom and generosity, Robinhood decided to limit the number of GameStop stocks its users could purchase to one. That’s right, one single stock.
So noted the company in a blog post, which was quick to emphasize that “these are aggregate limits for each security and not per-order limits, and include shares and options contracts that you already hold.”
Robinhood just announced it’s limiting people to 1 stock on GME, AMC & other heavily shorted stocks. pic.twitter.com/cKrpFz6YyQ
And while, at the time of this writing, Robinhood’s own website says it’s limited AMC share purchases to 10, the app apparently isn’t being as generous — slapping a one-share limit on that stock as well.
robinhood now limiting to 1 share on AMC pic.twitter.com/HLNY9iqtA7
— J23 iPhone App (@J23app) January 29, 2021
These moves follow massive Reddit-driven surges in the prices of both AMC and GameStop stock in a short squeeze of a hedge fund.
They’re in your best interest, of course.
This content was originally published here.