Facebook Shuts Stock Trading Group Following GameStop Rollercoaster

29 January 2021

    Facebook has taken down a famous Wall Street discussion group - Robinhood Stock Traders, in light of the GameStop stock situation. 

     

    Indeed, GameStop, AMC Entertainment and BlackBerry have been at the epicenter of a market battle as investors coordinating on social media (especially Reddit), and using trading apps such as Robinhood, bought shares and squeezed hedge funds that bet large on these companies to tank.

     

    "We were first on the picking tree to be cut off because we are on Facebook, not a free platform like Reddit”, says Allen Tran - the creator of the popular trading group in question. Some of his group's members made tens of thousands of dollars in recent trades which have first become known on Reddit's WallStreetBets forum.

     

    "This group was removed for violating our Community Standards, unrelated to the ongoing stock frenzy”, Facebook spokeswoman - Kristen Morea commented, denying any further elaboration.


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