Thursday, September 16, 2021
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Facebook suspends popular trading group “GameStop”

Facebook shuts popular stock trading group amid GameStop frenzy

The social network banned a large discussion group, of nearly 157,000 members, which was closely following the unprecedented rise in the course of the video game company GameStop.

Facebook doesn’t want budding stock marketers on its platform. According to, the social network has banned a large discussion group, dubbed Robinhood Stock Traders, in reference to the Robinhood trading application, on which shares of the video game company GameStop were massively bought.

The latter has experienced an unprecedented surge in its course, following an unprecedented showdown between tens of thousands of small carriers mobilized on several online forums, including Reddit, against hedge funds.

The echo of r / WallStreetBets

One of them, Melvin Capital, had chosen to bet on the decline in GameStop shares, by a procedure called a short sale. By increasing the share price through their coordinated mobilization, the smallholders gathered online forced this fund to align itself with upward positions, until bankruptcy.

Facebook says it has banned the Robinhood Stock Traders group because of content that violated its terms of use and associated with “sexual exploitation of adults”, which its founder denies. The latter, who also heads the HaiKhuuu Trading group, which has more than 20,000 members on the Discord chat application, says he has not seen anything like it on his Facebook group.

Group action against Robinhood

The suspended group served as an echo of discussions initially conducted on Reddit, under a dedicated tab called r / WallStreetBets. The latter now has nearly 6 million participants, almost three times more than at the beginning of the week.

Robinhood Stock Traders, on the other hand, has no direct link with Robinhood, the application which suspended without warning any transaction related to GameStop and a dozen other titles on its brokerage platform, before lifting some of its restrictions. Several customers have already lodged a complaint against the service, in particular via a group action.

Other stocks, which have been at half-mast for several years, have benefited from an unexpected rise in their price. So AMC cinemas or Swedish telecom giant Nokia and BlackBerry.

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