Facebook reverses course on banned Robinhood trading group


Facebook has reportedly shut down a popular Robinhood trading discussion group, alleging that the users had broken the site’s rules on sexual behavior.

The group’s creator told Reuters that his 157,000 members were locked out of their Facebook channel on Wednesday and told that they had violated Facebook’s guidelines on “adult sexual exploitation.”

That move came as a social media-fueled rally in heavily shorted companies turned the stock market upside down, eventually prompting brokerages like Robinhood to begin limiting purchases on GameStop and other stocks in what users saw as an effort to stop retail traders from hurting hedge funds and other financial pros.

According to Reuters, the group’s users had made tens of thousands of dollars sharing advice and buying up stocks in the weeklong manic short squeeze.

After telling Reuters that the group “was removed for violating our Community Standards, unrelated to the ongoing stock frenzy,” Facebook has apparently removed the ban.

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