‘You gotta let people trade, man’

Rapper Ja Rule, considered one of GameStop’s extra well-known buyers, desires the little man to maintain buying and selling.

The Grammy-nominated artist joined CNBC’s “Squawk Alley” Monday to speak all issues GameStop and Robinhood, after the millennial investing app restricted buying and selling on some shares.

“I like Robinhood. It places the inventory market in your pocket,” he mentioned. “But I used to be actually upset at what they did the opposite day. It form of felt like every part they stood for — even their title, you realize, Robinhood — form of went within the dumps on what they did by freezing a number of the buying and selling on a number of the shares.”

His tone was a lot much less emphatic than it was on Thursday, when he purchased the closely shorted GameStop.

“Yo this can be a f–king CRIME what @RobinhoodApp is doing,”Ja Rule tweeted Thursday.

“DO NOT SELL!!! HOLD THE LINE… WTF.”

But on Monday, the rapper, who was interviewed from what seemed to be his residence workplace, saved trying to his laptop display screen whereas answering questions in a extra muted tone.

After giving a “shoutout” to Reddit’s WallStreetbets buyers who’re “shaking issues up” and driving up meme shares like GameStop, AMC and Blackberry, Ja Rule mentioned: “My recommendation to whoever who’s following what is going on on is to be very cautious.”

“There have been some people who made some cash on these shares in fact, however be very cautious, there have additionally been plenty of people who’ve misplaced cash on these shares,” he mentioned.

Ja Rule, who was the co-founder of fraudulent luxurious music pageant, Fyre Festival, was then requested to share his views on the same viral craze engulfing Robinhood and shorted shares of firms like AMC and GameStop which might be “doing badly.”

Instead of drawing a parallel between Robinhood and the short demise of Fyre, which was constructed on social media hype and fraudulent offers, he mentioned.

“Robinhood gotta let people commerce. You gotta people commerce, man.,” he mentioned. “I feel the actual state of affairs that is occurring is, I do not suppose the CEO had the cash to cowl the precise cash that was going by means of the platform, you realize the margins. I do not suppose he had sufficient to cowl the margins. I feel that is what the freezing is about.”

“It simply appears like he is taking part in into the arms of the large Wall Street and the large hedge fund guys, like he is siding with these guys, as a substitute of letting the little man commerce.” he mentioned.

“People are mad, people are offended and they need to be,” the rapper continued. “This is the app that claims it’s about free commerce and so they took that energy away from people.”


supply: https://nypost.com/2021/02/01/rapper-ja-rule-to-robinhood-you-gotta-let-people-trade-man/

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