There’s a lot of anger and disgust still percolating for the online brokerage app Robinhood, who’s actions during the GameStop, Reddit-infused stock boom (then bust) cost a lot of people money. After restricting the of trading stocks like GameStop and AMC Entertainment Holdings, Inc during their Wall Street roller coaster rides, Robinhood said all of those restrictions have now been removed.
The stocks favored by Reddit investors all fell even further on Thursday. There was also a first step taken by the federal government to take potential action in the future. U.S. Treasury Secretary Janet Yellen said Thursday she would do all she can to protect investors if similar situations occur. She also said that market regulators needed to fully understand the recent trading frenzy before any real action could be taken, so it’s not like anything of substance has occurred.
Meanwhile, for anyone burned by Robinhood over GameStop restrictions, the wounds will not heal easily, because Sunday during the Super Bowl, guess who will be running commercials for the first time ever? You got it, Robinhood! Good luck with the damage control.
Here’s a sneak.