(Reuters) - Robinhood's trading app recorded more downloads than any other U.S. trading app last week, despite concerns that its restrictions on transactions involving some heavily shorted stocks such as GameStop Corp would alienate some users, according to market research data providers.
The app saw 2.1 million downloads in the United States on Google Play and App Store last week, as traders on Reddit and other social media platforms organized to buy stocks shorted by Wall Street hedge funds, according to data from Sensor Tower. This marks a 394% jump from the previous week for the San Francisco-based online broker.
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