Justin Sun promises to buy $1 million GME shares: Interactive Brokers says no

Written by: Ali Raza
January 29, 2021
  • TRON CEO, Justin Sun, promised to participate in the recent short squeeze.
  • Sun aimed to buy $1 million worth of GME stock and help WallStreetBets in protecting the firm.
  • However, he was unable to do so due to Robinhood's decision to make the stock unavailable.

Update: Today, January 29th, Sun returned to Twitter with another idea, which is to increase his contribution to the WSB cause. According to his most recent tweet, he feels like contributing with $1 million is not enough. As a result, he decided to raise the stakes and go in with no less than $10 million-worth of GME stock. Like the last time, Sun announced that he will be making a purchase from Asia as soon as the market opens.

Subreddit r/WallStreetBets recently decided to oppose institutional investors who were aiming to annihilate the stock price of GameStop (GME) through shorting. While the action had succeeded, the battle to preserve the company is far from over, and TRON CEO Justin Sun recently promised to join the initiative.

Justin Sun promises to buy $1 million of GME stock

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According to Sun’s yesterday’s tweet, he was planning to buy $1 million-worth of GME from Asia as soon as the market opened. It appears that Sun, as well as many others, were inspired by WallStreetBets’ initiative, and they decided to join up.

Unfortunately, Sun later discovered that Interactive Brokers — his choice of a stockbroker — suspended GameStop’s stock, so he was unable to purchase it by the time the markets opened.

He noted in another tweet that Robinhood also suspended GME and AMC and that the purchase can’t happen via justswap.org. This is why the DeFi sector is better, as Sun also noted, as it is permissionless and censorship-resistant.

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Decentralized platforms offer to replace Reddit and Discord for WSB

Robinhood’s decision to make GameStop unavailable at a time when many were standing up for the company has caused quite a bit of outrage on the internet. Sun even tweeted a new trending hashtag — $deleterobinhood.

The issue also emerged when WallStreetBets briefly went private on Reddit yesterday evening, causing concern among many that the subreddit had been banned. This conclusion was reasonable, considering that they were also banned on Discord not too long ago. 

The solution was quickly found, however, as Steemit and DLive announced their willingness to serve as alternative platforms for the group of retail investors and traders. Fortunately, this might not be necessary, as the subreddit quickly returned after being unavailable for less than an hour.

The last two days have been rather dramatic when it comes to the events revolving around GameStop and WallStreetBets, and the development is likely still far from over. But, for the time being, at least, many on Twitter seem to be encouraged by the initiative shown by the group of individuals that stood up against institutional greed and won the battle.