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.
UPDATE: GME, AMC, and KOSS are no longer restricted.— Webull (@WebullGlobal) January 28, 2021
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...
Due to the unprecedented demand, we have temporarily stopped onboarding new clients. Once we process the existing queue, we will be open for new registrations.— Trading 212 (@Trading212) January 28, 2021
... and now WeBull, which, yes, is Chinese.
Amusingly this happens as yet another US broker is hoping to lose more clients:
- *E*TRADE RESTRICTS PURCHASES OF GAMESTOP, AMC SHARES
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.