Robinhood’s CEO says the trading app limited buying of GameStop stocks to ‘protect the firm and protect our customers’

Robinhood’s CEO says the trading app limited buying of GameStop stocks to ‘protect the firm and protect our customers’

Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Account active since Robinhood CEO Vlad Tenev said Thursday the company's move to restrict trading of GameStop, AMC, and other stocks was in the best interest of the app and its users. "In order to protect the firm and protect our customers we had to limit buying in these stocks," Tenev told CNBC Thursday evening. On Thursday, the stock-trading app blocked purchases of stocks in 13 equities including GameStop, AMC, BlackBerry, and Nokia. Users of the app became furious and even launched a class-action suit against Robinhood. Later in the day, the company announced it would reopen limited purchases of the affected stocks. Tenev said Thursday was "a challenging day" and the firm had to make "a very difficult decision as part of normal operations." "It pains us to have had to impose these restrictions," said Tenev,