Dissatisfied with the restrictions, retail investors sent a petition calling for Apple to Robinhood off the shelves
The new petition calls on apple to remove Robinhood from its App Store after the online trading platform restricted trading in GameStop and other stocks backed by retail investors
Retail investors in the WallStreetBets of the Reddit subsector pushed some stocks shorted by hedge funds to unusually high prices in January 2021. Robinhood and other trading services limited the trading of these stocks on the basis of “volatility” in this bearish war.
Change.org petition on thursday called for apple to be removed Robinhood, because it was engaged in “illegal, fraudulent or manipulative activities “. His view is that Robinhood is killing individual investors and manipulating markets to benefit large hedge funds.
In a blog post, Robinhood called freezing transactions a “risk management decision “. It added that it would “continue to monitor the situation and possibly make adjustments as necessary “.
Robinhood is not the only platform to limit retail-backed stock trading. Others, such as Public and E-Trade, also limit them. Robinhood, however, has been the first to suffer criticism, and has lawsuits for its decision to block the deal, Vice reported Thursday.
Robinhood’s Google Play Store pages are also full of negative comments after restricting retail stock trading. Still, Robinhood list on the App Store doesn’t change much, which makes some users think Apple is “censoring” negative reviews.