RAPPER Ja Rule blasted stock trading app Robinhood as “criminal” days after amateur traders used the app to send the stock market spiraling into chaos.
Ja Rule told Rolling Stone that he’s been using the Robinhood app since 2014, but the company’s recent decision to restrict certain stocks left him “very upset.”
The rapper – whose real name is Jeff Atkins – took to Twitter to slam Robinhood after amateur traders – who organized on Reddit – came together to send the stock prices for struggling companies like GameStop and AMC Entertainment skyrockting.
The move sent major hedge funds scrambling and sent the status quo of the stock market into such chaos that Robinhood temporarily paused buying on the companies that were targeted by the Reddit gang.
Stock sales on GameStop and several others resumed on Friday, but there was a limit on how much stock users could buy.
Ja Rule was not happy with this decision, even though he sung the praises of the Robinhood app just days earlier.
“They hedge fund guy shorted these stocks now we can’t buy them ppl start selling our of fear … we lose money they make money on the short … THIS IS A F**KING CRIME!!!” the rapper tweeted on Thursday.
In his Rolling Stone interview, Ja Rule spoke about how he’s been following the WallStreetBets Reddit group/Robinhood app saga.
“The big Wall Street guys have been shorting these stocks. These guys decided to make the stock go through the roof, which in turn makes the big whales that shorted the stock now have to buy it,” Ja Rule said.
“…That helped the little guy make a lot of money and I thought that was very interesting. It was an uprising of people tired of getting pushed around.”
The rapper went on to to sing Robinhood’s praises, though he did disparage the company for restricting stocks – a move many have suggested was the app’s creators bowing to Wall Street giants.
“I love Robinhood,” the rapper said. “You know what’s so crazy: Just a day ago, I tweeted great things about Robinhood, telling people it’s an amazing app and everyone should get it.
“And then this happens and I’m like, wow, what a difference 24 hours makes.
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“I still think the concept is amazing – putting the power of trade in people’s hands. It gave you the feeling of being on the [trading] floor … Then this, today, when they shut off all those stocks? That felt very wrong.”
The rapper also spoke about a new app, Iconn, that he created that can be used to book concerts, appearances, speaking engagements, as well as services related to the entertainment industry.
The rapper told Business Jet Traveler that there will also be an Iconn Live feature where performers can give intimate, virtual concert experiences to fans.