The wisdom of Ja Rule can be a calming force in times of crisis. And as of yesterday, the entire stock exchange found itself embroiled in a strange and unprecedented state of chaos after the Reddit forum r/wallstreetbets sent GameStop and AMC stocks (among others) skyrocketing in value. As a result, many brokerages were left scrambling to staunch the damage, the majority of which was suffered by the hedge fund managers betting against GameStop and other companies they believed to be similarly doomed.
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In an attempt to mitigate the damage, trading brokerage Robinhood implemented new restrictions on some of the culprit stocks, including GameStop, BlackBerry, Bed Bath & Beyond, and Nokia. Naturally, the move sparked an immense backlash from those who had used the opportunity to hop on board the runaway investment train -- a gang that happened to include Ja Rule. Incensed by Robinhood's decision, Rule took to Twitter to let fly an incendiary rant, standing up for the little guy and putting the company on blast. True, he had only recently given them a glowing endorsement, but that was before they intervened with his investment dreams.
https://twitter.com/_/status/1354485182452150276
"Yo this is a fucking CRIME what @RobinhoodApp is doing DO NOT SELL!!! HOLD THE LINE... WTF," wrote Ja Rule, earlier this morning. "The hedge fund guy shorted these stocks now we can’t buy them ppl start selling out of fear... we lose money they make money on the short... THIS IS A FUCKING CRIME!!!" As it stands, Ja appears to be encouraging those who did invest in the "meme stocks" to hold, lest it all be for nothing. "Y’all better or lose it all.." he warned, replying to a fan who maintained that holding was indeed the wisest course of action.
At this point, it's anybody's guess as to how this madcap saga will unfold. All we know is that there stand two types of people; those who stand with Ja Rule, and those that do not. Check out his reactions to Robinhood's controversial move below.
https://twitter.com/_/status/1354812123080138759
https://twitter.com/_/status/1354813075505836035
https://twitter.com/_/status/1354829381697495044
