Major stock brokerages temporarily restricted trading on GameStop shares as retail investors, spurred by advice on the Reddit thread r/WallStreetBets, send previously undesirable stocks through the roof — catching both brokerages and institutional investors off guard by massive unexpected losses.
Robinhood, TD Ameritrade, and Charles Schwab, which purchased Ameritrade in 2020, all placed restrictions on certain trades regarding GameStop. Retail investors on Robinhood were temporarily barred from completing certain transactions involving GameStop at all on Thursday.
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