Public.com COO Stephen Sikes joins TheStreet to discuss the restrictions that were placed on stocks such as GameStop (GME) - Get GameStop Corp. Class A Report, AMC (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report and Koss (KOSS) - Get Koss Corporation Report.
Before and even throughout the trading day on Thursday, Jan. 28, brokerages began to announce that they were restricting buying of stocks such as GME and AMC. TD Ameritrade first announced restrictions on Wednesday, with RobinHood and Interactive Brokers following suit on Thursday.
This, of course, enraged many and the anger was apparent on Twitter as many investors questioned whether or not this could even be considered a free market with the restrictions preventing the retail trader from buying shares of GameStop or AMC.
And Public.com announced early Thursday that its clearing firm, Apex Holdings, had decided to halt the buying of Koss, GME and AMC. However, Public posted in a follow-up tweet, "We disagree with this decision and are working hard for our members to resolve the issue. We’ll provide updates here as they happen."
Sikes breaks the news that Apex has cleared the restrictions and explains his thoughts on restricting stocks in the video above.
Apex did not immediately respond to TheStreet's request for comment.