Facebook Inc took down a popular Wall Street discussion group, Robinhood Stock Traders, in a move its founder said was an unjustified response to conversations that have buoyed shares in GameStop Corp and other companies.
GameStop, AMC Entertainment Holdings Inc and BlackBerry have been at the centre of a market battle as individual investors coordinating on social media, including Reddit, and using trading apps such as Robinhood, bought shares and squeezed hedge funds that had bet big the companies would fall.
Allen Tran, a 23-year-old from Chicago who created Robinhood Stock Traders, said he woke up on Wednesday to a notification that Facebook had disabled the 157,000-member group. The notification, seen by Reuters, said without detail that the group violated policies on “adult sexual exploitation”.
Some of his group’s members made tens of thousands of dollars in trades first popularised on Reddit’s WallStreetBets forum, he said.
Tran, who also runs the 20,000-member HaiKhuu Trading group on chat app Discord, said he has never seen adult content on the Facebook group.
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