YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Free stock trading app Robinhood raised $1 billion from existing investors.
The announcement came just hours after the company halted trades of GameStop amid a surge in the retailer's shares brought on by a Reddit group. Robinhood traders today are expected to be able to buy and sell GameStop stock again.
"To prudently manage the risk and the deposit requirements, we had to restrict buying," said Vlad Tenev, Robinhood's co-CEO. "We're in a historic situation where there's a lot of activity and a lot of buying concentrated in a relatively small number of symbols that are going viral on social media. We haven't really seen anything like this before."
Read more from CNN Business.
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