AOC and Ted Cruz Criticize Robinhood for Restricting Customers' Ability to Trade

AOC and Ted Cruz Criticize Robinhood for Restricting Customers' Ability to Trade.

On Thursday, Robinhood announced that it had limited trade in certain stocks, including GameStop.

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In a post to social media, Robinhood said its decision was due to “market volatility” caused by the r/WallStreetBets Reddit forum, which pushed GameStop shares to skyrocket 1,500 percent.

Multiple lawmakers from both major parties have condemned Robinhood, accusing it of manipulating the market in favor of hedge funds.

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Among them was Democratic Representative Alexandria Ocasio-Cortez, who took to Twitter to call Robinhood’s decision “unacceptable.”.

This is unacceptable … 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, AOC, via Twitter.

AOC also said that as a member of the Financial Services Committee, she’d “support a hearing if necessary.”.

Republican Senator Ted Cruz chimed in soon after, writing “fully agree” in response to AOC’s post.

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AOC responded to Cruz, declining to work with him on this issue and urging him to “resign.”.

I am happy to work with Republicans on this issue where there’s common ground, but you almost had me murdered 3 weeks ago so you can sit this one out.

, AOC, via Twitter