Robinhood goes to 'sell only' on GME and AMC as meme stocks get kneecapped by brokers
Robinhood kneecaps the high-flying stocks
Robinhood users are reporting that the brokerage is sending messages that users are no longer allowed to buy shares of GameStop and AMC Entertainment. People who have them are allowed to sell.
Naturally -- knowing there are no buyers -- people are dumping the shares. GME is down to $295 from a pre-market high of $513.
There's also talk that some other high-flyers have been pulled.
This is a real screwjob and is likely behind some of this turn in sentiment.
Interactive Brokers has put some options into liquidation-only mode and raised margin requirements.