Ja Rule Went on CNBC to Talk Robinhood Controversy and People Are Loving It [Photos + Video]

It appears someone missed the memo that Dave Chappelle was only joking when he described the dire need to get Ja Rule’s input on breaking news stories because CNBC enlisted the help of the Fyre Festival co-founder to try and help make sense of the past week’s Wall Street zaniness.

via: Complex

Ja Rule, who just last week weighed in on the Robinhood trading controversy, has now brought his financial takes to the prominent business news outlet CNBC.

Asked about the “Reddit-driven meme stocks” issue, Ja shared his initial love of the Robinhood service and explained what frustrated him amid last week’s headlines mania.

“I actually, I loved Robinhood,” Ja said. “I love what they represent, putting basically the stock market in your pocket. Really cool, you know, let’s let retail traders trade really quick in real time and [it] kind of makes you feel like you’re on the floor with the traders. So, really, a cool app. But I was really upset about what they did the other day because it kind of felt like everything they stood for—even their name, Robinhood—it kind of all just went in the dumps [with] what they did the other day by freezing some of the trading on certain stocks.”

Robinhood’s co-CEO, notably, recently explained to Elon Musk why the platform chose to restrict certain trading at the time.

“We had no choice in this case,” Vlad Tenev told Musk on Clubhouse, per CNBC. “We had to conform to our regulatory capital requirements.”

Ja, however, argues the optics of that decision were bad.

“I think the real situation that’s going on, I don’t think the CEO had the money to cover the actual money that was going through the platform … I think that’s really what the freezing was about,” he said during his CNBC interview on Monday. “I don’t know but it just looks like it’s playing into the hands of the big Wall Street guys and the big hedge fund guys.”

Peep Ja’s full interview, a range of reactions to which can be sampled below, via the video up top.

Perhaps Ja can build on this moment to rebuild his image as an astute investor.

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