Ja Rule Is Pissed After Robinhood App Restricts Stock Trading – ‘Do Not Sell!’
The stock market went berserk this week and Ja Rule has entered the conversation after stock trading app Robinhood began to enforce certain stipulations that prohibit folks from purchasing certain stocks like GameStop and AMC.
On Thursday (Jan. 28), Twitter went off about Robinhood's decision to halt the purchase of several stocks—along with TD Ameritrade, Charles Schwab and more—after numerous Reddit users opted to buy into stocks for GameStop, the video game retailer that announced hundreds of store closures last year. These users ultimately caused the stock to skyrocket, and Ja decided to weigh in on the situation. The veteran Queens rapper advised stockholders against selling their shares in an attempt to stop the stock from falling..
"Yo this is a fucking CRIME what @RobinhoodApp is doing DO NOT SELL!!! HOLD THE LINE... WTF Face with symbols over mouth," he wrote on Twitter.
In a follow-up tweet, Ja Rule said, "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!!!."
Basically, Ja Rule is calling out the stock trading and investing platform for banning individual investors—or everyday people—from purchasing or trading these now-valuable stocks because they were making a lot of money, and these investors were able to profit significantly. Meanwhile, hedge funds—or large investment companies that invest their clients' money in hopes of making significant returns down the line—are able to conduct business as usual.
Ja later opined, "It's terrible how Wall Street crushes the American dream..."
He also gave some impromptu responses to fans who reached out to him regarding Robinhood's headline-making decision. The conversation actually started after a Twitter user sent well wishes for Ja to have a "good day."
Robinhood did address their latest move that has folks in a frenzy. In a website blog post today, the company wrote, "In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK."
They added, "We also raised margin requirements for certain securities."
Other stocks like Bed Bath and Beyond and Nokia have been impacted by Robinhood's decision as well, according to a report from Cnet today.
GameStop stocks were reportedly between $4 and $20 up to Jan. 13. However, after fluctuating by more than 14,300 percent, the stock closed on Wednesday (Jan. 27) at $346.37 per share.
The app's decision has been considered "market manipulation" across Twitter, including by U.S. Rep. Rashida Tlaib, a Democrat from Michigan. And while some people agree with Ja Rule's stance, others have revisited Ja's prior faulty decisions such as Fyre Fest.
See some of the mixed reactions to Ja Rule's thoughts on Robinhood below.
These Are the Best Alter Egos in Modern Rap