UK's 'Robin Hood Society' gains followers after people confuse it with Robin Hood app

After the GameStop controvery and the surging stock prices, Robinhood App came to news. It restricted its users from trading in stocks. Also, it restricted people to purchase stocks of Nokia, Bed Bath & Beyond, AMC, Koss Corporation, Naked Brand Group, BlackBerry and Express Inc. Due to slight confusion, netizens all across social media started following the British Robin Hood society, thinking it is the social media handle for the Robinhood app. 

'Big welcome from Sherwood'

Taking to its official Twitter handle, the society cleared the confusion as they wrote that they feel lovely to see all these followers. However, they made it clear that this is ot the Robinhood app but a society that robs the rich to give it to the poor. Let’s have a look at their tweets. 

Read: What Happened With Robinhood App? Find Out How Robinhood Ended Up In Multiple Lawsuits

Lisa Douglas who handles the Twitter account of the Society told BBC that they knew about the trading app from some time as they were receiving messages from customers. She added that it is their responsibility to keep the followers entertained. Therefore, they have decided to build on a website. She further added that she hopes that the reopening of the Nottingham castle with an increase in interest in Robin Hood brings a boost to the city.

Lawsuit against the app 

After stopping the users from banning stocks, the app claims they did this because of the 'recent volatility' in the market on their blog post. Many Robinhood users have filed a class-action lawsuit against Robinhood trading app.  The lawsuit claims that the app has deprived its users of potential profits they could make by investing in these stocks. 

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GameStop stock jumped up after Reddit's group r/WallStreetBets began pumping up it up, causing heavy losses to hedge funds who had shorted GameStop stock. Since Robinhood locked the trade on these stocks, the price of GameStop at the time of writing this has gone down to 194 USD. This just goes to show how dangers pumping and shorting stocks can be, and if you're not careful you can earn or lose millions in a matter of days. In another blog post, Robinhood said that it would allow "allow limited buys of these stocks". 

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(Image Credits: AP)