Financial services company E-Trade has restricted purchases of GameStop and AMC stock, a source tells Bloomberg. The two stocks have become popular on forums like the r/WallStreetBets subreddit and seen their prices skyrocket to unprecedented highs over the past week. (GameStop hit $483 earlier on Thursday and briefly went above that during the day. Last Thursday, the stock closed at $43.)
We’ve seen users on Twitter report that they have been unable to buy the stocks as well.
eTrade is also prohibiting buying Gamestop.
— Thomas Wicklund (@tgwicklund) January 28, 2021
You too @etrade? Went the #RobinhoodApp route. #GameStop pic.twitter.com/JNkO09KIre
— Yeah, good. Okay. (@oviera) January 28, 2021
Can confirm#GameStop #GMEstock #StockMarket #stonks #stocks #Etrade https://t.co/b5zijfT72n pic.twitter.com/tIW6X5U6RF
— Angel (@Angel40051011) January 28, 2021
Welp, ETrade wouldn’t let me buy AMC stock online.
— Aramadon (@Arammadon) January 28, 2021
Bloomberg writes that an E-Trade representative declined to comment, and the company didn’t immediately respond to a request from The Verge.
E-Trade follows other stock-trading platforms in placing restrictions on the stocks. Robinhood added new limits to its app to restrict buying or trading GameStop, AMC, and other stocks that are popular on r/WallStreetBets on Thursday morning. Angry Robinhood users are now calling for a class action lawsuit as a result and have even made a subreddit focused on creating that lawsuit. Robinhood competitors Public and WeBull also restricted some transactions for a period of time on Thursday before lifting the restrictions.