The late afternoon statement by the talked about app, was on the advice of counsel.

The emails and texts from earlier in the day between executives and lenders will show an entirely different reasoning and mindset.

Discovery should be fun.

Robinhood

GameStop shares surge again as Robinhood restores trading

Shares in companies including videogame retailer GameStop soared again on Friday, as an army of small investors taking aim at Wall Street regained access to amateur share trading platform Robinhood.

The app, weaponised by activist small investors to trap hedge funds in a “short squeeze” that has cost them $20bn on paper by some estimates, had suspended buying of stocks such as GameStop, cinema chain AMC and BlackBerry on Thursday.

But it secured a $1bn (£730m) cash injection from its backers on Thursday evening, which the company said it required to allow its users to resume their buying spree, which began on the WallStreetBets forum of chat forum Reddit.

The decision to permit what Robinhood said would be “limited buys” resulted in GameStop’s shares climbing more than 67.6% on Friday, taking its notional value to more than $22bn, nearly 80 times what it was worth this time last year.

The company’s shares had whipsawed a day earlier, finishing the day 44% lower after Robinhood barred users from buying more stock, threatening the Reddit rebellion. – Source

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