"We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR, and $TRVG. We also raised margin requirements for certain securities.," Robinhood said in a statement.
Reddit users on the forum "wallstreetbets" found a list of companies that were being heavily shorted, or bet against, by investment firms. That list included GameStop, AMC, Nokia and others.
"We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit," Ocasio Cortez tweeted. "As a member of the Financial Services Cmte, I’d support a hearing if necessary."
Sen. Ted Cruz, a Texas Republican who often finds himself firmly in opposition to AOC, chimed in saying he fully agreed.
https://www.fox5atlanta.com/news/robinhood-lawsuit-2021-class-action-filed-against-app-after-restriction-of-gamestop-stock-trades