Robinhood and other trading apps announced on Thursday morning that they will be restricting the purchase of certain shares, citing “current market volatility.”
“In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR, and $TRVG,” a Robinhood rep said on Thursday. “We also raised margin requirements for certain securities.”
The apps were met with backlash for their decision and Ja Rule also joined the conversation. “Yo this is a fucking CRIME what @RobinhoodApp is doing DO NOT SELL!!! HOLD THE LINE… WTF,” he tweeted.
The rapper added, “They hedge fund guy shorted these stocks now we can’t buy them ppl start selling out of fear… we lose money they make money on the short… THIS IS A FUCKING CRIME!!!”
Yo this is a fucking CRIME what @RobinhoodApp is doing DO NOT SELL!!! HOLD THE LINE… WTF 🤬
— Ja Rule (@jarule) January 28, 2021
They hedge fund guy shorted these stocks now we can’t buy them ppl start selling out of fear… we lose money they make money on the short… THIS IS A FUCKING CRIME!!!
— Ja Rule (@jarule) January 28, 2021
Ja Rule has been the butt of jokes ever since the end of his infamous feud with 50 Cent. But he was getting an outpour of praise for his stance. “Never thought these words would ever come out of my mouth but “ can we all please listen to Ja Rule,” one user wrote, to which Ja quipped, “Y’all better or lose it all.”
Dave Chappelle’s classic joke, “Who gives a f*ck what Ja Rule thinks at a time like this?” has new meanings in 2021.
Click here for a simple breakdown of what happened to the stock market when group of Reddit users decided to stand up to the 1%.
