New York rapper Ja Rule is outraged. The former Murder Inc. star went online to share his frustrations with stock trading app Robinhood after the drama that went down this week with GameStop and entertainment company AMC.
Ja Rule Puts Robinhood On Blast
Ja Rule went to Twitter to put the company on blast. He let it be known he was upset with the hold Robinhood put on AMC and GameStop’s stock (as well as Blackberry), preventing people from buying more shares and thus causing many people to sell and overall lower the stock.
“Yo this is a f*cking CRIME what @RobinhoodApp is doing DO NOT SELL!!! HOLD THE LINE.. WTF They hedge fund guy shorted these stocks now we can’t buy them ppl start selling out of fear… we lose money they make money on the short… THIS IS A F*CKING CRIME!!!!”
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Ja Rule called out hedge funds who shorted the stock. “Shorting” basically means a larger enterprise borrows stock and sells them, going off of the assumption that the stock will go lower. They enter an agreement to buy back the stock they borrowed as well. The hedge funds were going to be making money based off of the fact that they would buy the GameStop and AMC stocks back at a lower price, but Reddit users bought tons of shares to disrupt this. In turn Robinhood halted trading temporarily, which upset a whole lot of people, some of which who made claims of illegality.
Robinhood’s CEO has since come forward to explain the situation and address the company’s restrictions.
Robinhood CEO Vlad Tenev joins CNBC to speak with Andrew Ross Sorkin about the commission-free trading app’s decision to restrict trading on stocks such as GameStop, AMC and other shares that have been targeted by traders on Reddit.
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Rule was 100 percent rocking with Ashanti for the Verzuz battle. The hip-hop veteran recently went to his Instagram page to show support for his former Murder Inc. labelmate in her battle against fellow crooner Keyshia Cole. The Queens native shared a throwback pic of himself alongside the princess of R&B.
Ja Rule Speaks On Songs He Secretly Wrote
The rap veteran might end up spilling all the tea soon if he doesn’t get some respect. Recently, Ja went online to let followers in on some music secrets he’s holding back. Ja Rule took to Twitter to let it be known he was thinking about some of the songs he secretly wrote for artists.
