Gamestop Spikes After Broker Webull Unrestricts Trading, Others To Follow?

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by Tyler Durden
Thursday, Jan 28, 2021 - 02:57 PM

Having traded near session lows, Gamestop stock spiked $40 in minutes following the 235pm ET announcement from brokerage WeBull that trading in GME, AMC and KOSS was no longer restricted.

While good news for those daytraders/redditors who wanted to buy GME and were prevented by their existing broker, it's terrible news for Robinhood which is now seeing an exodus of clients, who are instead going to foreign brokers like UK's Trading 212...

... and now WeBull, which, yes, is Chinese.

Amusingly this happens as yet another US broker is hoping to lose more clients:


Meanwhile, now that GME buyers are once again allowed to do whatever they want with their money, the stock has spiked higher in response...

... and one can only imagine what will happen to GME's stock once all other exchanges realize they have made a terrible mistake and reverse the trading ban.