Facebook has taken down the popular Wall Street discussion group, Robinhood Stock Traders for allegedly violated policies on “adult sexual exploitation.”
Stocks such as GameStop, AMC Entertainment Holdings Inc, and BlackBerry have skyrocketed after individual investors coordinated on social media including Reddit, and caused major losses for Hedge Fund managers.
Robinhood Stock Traders page owner Allen Tran said he received a notification that Facebook had disabled the 157,000-member group without any explanation except allegations of “adult sexual exploitation.”
“We were first on the picking tree to be cut off because we are on Facebook, not a free platform like Reddit,” said Tran,
Tran said he never saw any sexual content being posted on his page which included some members who have participated in the trading frenzy.
Like r/wallstreetbets, some users reportedly encouraged each other to bid on GameStop which created a short squeeze on the hedge funds betting against GameStop’s stock value.
“This group was removed for violating our Community Standards, unrelated to the ongoing stock frenzy,” said Facebook spokesperson Kristen Morea but did not give further details.
“With all these major institutions being frustrated with the success of retail(trading), they are trying to target any groups they can,” said Tran.
Aside from the Facebook takedown, Robinhood cut off users from trading GameStop stock because of alleged “significant market volatility.”
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