Though Ja Rule once enjoyed a run as one of the game's trusted hitmakers, recent years have seen his focus shifting to the world of investing. And while many are quick to look to Fyre Festival as a dark blot on the rapper's track record, it would appear that Ja has decided to use his involvement with the damnable event as a learning experience moving forward.
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Now, as he continues to immerse himself in the ongoing battle between Reddit's r/wallstreetbets and Wall Street, Ja took a moment to speak on the ongoing stock market chaos with CNBC -- specifically, Robinhood's decision to intervene.
Though Ja admits he does like what stock trading company Robinhood brings to the table, he previously put them on blast over their decision to prevent the rising Gamestop stocks from being traded freely. "Robinhood gotta let em' trade," explains Rule, when asked about the matter. "You gotta let people trade. I think the real situation going on is, I don't think the CEO had the money to cover the actual money that was going through the platforms. The margins. I think that's what's really the freezing is about. It looks like it's playing into the hands of the big Wall Street guys, the big hedge fund guys."
Despite acknowledging that Robinhood was likely allowed to freeze certain stocks given their terms and conditions, Ja maintained that the optics aren't likely to heal overnight. "People are mad," says Ja. "You heard Elon Musk talk about it, Mark Cuban. Even the AOC talking about it. It's an issue, people are mad, and they should be. This is the app that claims it's about free trade, and they took that power away from people."
For more insight from Ja Rule, be sure to check out his recent appearance on CNBC below.
