Google Cracks Down On Robinhood ‘Evaluation-Bombing’, Fb Bans In style Buying and selling Group
Google has removed at least 100,000 negative reviews of the stock trading app Robinhood from the Google Play app store in response to the mass bombing of the app by disgruntled users, while Facebook has removed a popular trading group from its platform for alleged violations of its “sexual.” Adult Exploitation ”as both big tech companies tried to cope with the aftermath of the social media-triggered rally of several volatile stocks, including Gamestop.
Robinhood has been on the receiving end of an angry backlash from users who are dissatisfied with it … [+]
© 2020 Bloomberg Finance LP
Google’s move came after more than 100,000 Android phone users gave angry 1-star ratings on the Robinhood app. The overall score was lowered to 1 out of 5 stars after the decision to stop trading several popular but volatile stocks, including Gamestop, in an unprecedented social media rally last week.
After the action by Google, the average rating value of the app is now back to 4.3 out of five stars, but the total number of ratings has dropped from over 300,000 to around 177,000.
According to Gizmodo, Google said it had cracked down on “coordinated or inorganic reviews” even though the company reportedly refused to answer questions about how a review was classified as inorganic. Forbes also reached out to Google for a comment.
In a separate step, Facebook popularized a trade discussion group, Robinhood Stock Traders (not a member of the Robinhood app), for allegedly violating the guidelines of social media platforms on “sexual exploitation of adults”.
The group’s creator, Allen Tran, a 23-year-old from Chicago, dismissed Facebook’s argument that Reuters had been removed because Facebook was not a “free platform like Reddit” and claimed in a separate Facebook post that ” the big institutions are trying to silence our community. “
Forbes has asked Facebook for a comment, despite a company spokesperson for Reuters telling the removal “has nothing to do with the ongoing equity frenzy”.
Wall Street and online brokerage platform Robinhood faced online setbacks and lawsuits after multiple online platforms suspended or severely restricted trading in multiple stocks like GameStop and AMC, which saw an unprecedented rally through social media. The actions sparked a rare moment of bipartisanism, with both Republican and Democratic leaders in Congress attacking the “elites” of Robinhood and Wall Street, calling for a Congressional hearing on Thursday. The entire saga began over a week ago when a group of online traders, many of whom gathered on Reddit’s r / wallstreetbets forum, began bulk buying stocks that were slashed and “profoundly hated by hedge funds “Starting with the video game retailer GameStop. The buying spree raised GameStop’s share price from around $ 43 last week to $ 347 on Wednesday, an eight-fold increase. Soon other short positions such as AMC, BlackBerry and Nokia saw similar moves with varying degrees of success. The whole thing was discontinued on Thursday when Robinhood and several other online broker platforms slowed or stopped trading in the stocks in question. As a result of this action, GameStop gained 44% while AMC stock fell nearly 56% at the end of trading on Thursday.
Google Deletes 100,000 Negative Robinhood App Reviews From Disgruntled Users (Gizmodo)
Robinhood faces anger, class action lawsuits and political backlash after trading in GameStop (Forbes) is restricted.
Robinhood’s Trading Freeze unites political enemies from Cruz to Warren – and they’re all furious (Forbes)