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Americans marooned at home binge-watched Netflix shows, went shopping on Amazon Prime, and discovered day trading on their mobile phones.
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It had several disruptions to trading and data from March through June, which sounds like a disaster for an upstart trying to draw customers away from Charles Schwab and ETrade Financial and to position itself as the money app for Millennials and Generation Z.įounded in 2013, Robinhood courted long-ignored small-dollar and novice investors by charging zero commissions on trades.īut no: Robinhood would become one of the COVID economy’s breakout successes.
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The incident was the first tremor in what would become a prolonged period of turbulence for the online brokerage. (Both the regulator and Robinhood declined to comment on any investigations.) Robinhood’s core product – stock trading on a fun game-like phone app – is both controversial and widely imitated.Īlthough Robinhood managed to restore the app’s service, its handling of the episode angered customers and drew an inquiry from the US Securities and Exchange Commission. Robinhood’s malfunction consigned its customers to the sidelines while more than 14 billion shares of US equities changed hands. Spooked by the early spread of COVID-19, US stocks had gone through a harrowing sell-off and then surged back. The company faced an emergency: a system-wide outage had disabled its online trading app throughout one of the sharemarket’s busiest days in months. Executives huddled around co-founder Vlad Tenev, then disbanded to bring orders back to their teams. On March 2, just before offices shut across the US, the staff at Robinhood Markets worked long after sunset in their Menlo Park, California, headquarters.