GameStop shares plunge after ban by Robinhood app

Meteoric rise fizzles out after small investors are barred from trading in groups that had soared in value

Small investors mounting an assault on Wall Street speculators suffered a setback on Thursday as trading platforms banned them from buying more shares in GameStop, spawning conspiracy theories, political intervention and at least one lawsuit.

Amateur trading app Robinhood stopped users from investing any further in GameStop – a US chain of video games stores – and seven other companies on Thursday, after an extraordinary rise in their value, spurred by users of the chat forum website Reddit, that cost some hedge funds billions of dollars.

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