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Ja Rule took to social media to relay some investing advice.

On Tuesday, the finance world was violently shaken up when a Reddit campaign ultimately led to a record-setting increase in Gamestop shares. The result? At least two hedge funds are in jeopardy of losing billions and trading firms — from TD Ameritrade, Charles Schwab, to the upstart mobile app Robinhood — are halting operations on certain stocks. After news of the trading halt, Ja Rule took to Twitter to voice his frustration.

“Yo this is a f—-ing crime,” he wrote. “What @RobinhoodApp is doing DO NOT SELL! Hold the line…the hedge fund guy shorted these stocks now we can’t buy them, people start selling out of fear. We lose money, they make money on the short. This is a f—ing crime!”

 

 

For hours on Wednesday and Thursday, the purchase of stocks like GameStop and AMC were halted, which stops their share price from rising any higher. Thousands of people on social meda, including New York Congresswoman Alexandria Ocasio-Cortez, were angered. On Thursday afternoon, a class action lawsuit was filed against Robinhood for its actions.

 

Since December, users from the Reddit page Wall Street Bets inflated the value of GameStop’s shares by a jaw-dropping 1700%. Between Tuesday and Wednesday, the company’s market value rose over $10 billion.

The mission of the Wall Street Bets subreddit is to exact vengeance on funds like Melvin Capital. The group soured on this particular fund when it was disclosed that the fund owned stock options that profit from GameStop shares falling. The idea of boosting the shares’ prices at the hedge fund’s expense eventually became a meme. Now, amateur traders — a mix of professionals, students and day trading enthusiasts — have accrued astronomical returns on their investments. That is, until the firms halted trading.

For now, the shareholders still holding onto GameStop stock will wait to claim their winnings. Stay tuned for further updates involving the Robinhood lawsuit.

The post “Where’s Ja Rule?” Apparently on Robinhood, With the Rest of Us appeared first on Okayplayer.

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