Texas AG launches investigation against Robinhood
Chances are you've heard about the war over shares of Gamestop.
It's made regular investors a lot of money while costing Wall Street big wigs billions and now, Texas Attorney General Ken Paxton is involved.
Teo Sepulveda is an economics professor at South Texas College and says this shouldn't concern people that don't invest in the stock market.
"This is one incident that has no greater impact outside of that market," Sepulveda said.
Paxton wants to investigate online trading platforms like Robinhood after it blocked users from buying a portion of specific large companies.
"Wall Street corporations cannot limit public access to the free market," Paxton said in a statement Friday.
Robinhood CEO Vladimir Tenev explained he made the decision to limit the buying and selling of stocks last week in order "to protect investors and the markets" and calling Thursday's volatility "not easy" for Robinhood.
Sepulveda said U.S. law would have to be changed in order to assure the public may continue to make purchases off of retail brokers like Robinhood with less restrictions.
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