By: The Hill
January 29, 2021
Financial service company Robinhood is hiring to bulk up its lobbying portfolio amid scrutiny after lawmakers have ripped its decision to stop trading of GameStop and other companies whose stock has skyrocketed this week.
GameStop, along with several other stocks, were restricted by Robinhood after a group of Reddit users targeted the stocks, driving the stock prices up. The stock purchases had been popularized by the Reddit forum r/WallStreetBets, which targeted hedge funds shorting the stocks.
The restrictions implemented by Robinhood drew widespread backlash from lawmakers on both sides of the aisle Thursday and even spurned a class-action lawsuit against the firm.