#2: Reporting Robinhood's Wrongdoing – Top Headlines of 2020
why Forbes, NYTimes, Vox, & financial media like Bloomberg & the MotleyFool can ALL agree that Robinhood is exploiting its users.
🙏 Big thanks to the 17 of you who have joined me since I started here last week!
✍️ Here’s the 2nd issue on how Robinhood is exploiting its users, manipulating the American financial system, and breaking laws in the process. Here’s how you can help: 1) After reading, share with everyone you know who uses Robinhood. 2) If you want to follow my journey in exposing Robinhood, click here to get future updates —> I’ll keep this free forever.
These days, there are few things that *everyone* agrees on.
But one of them is about the *true nature* of the Robinhood App.
Formerly hailed as a common-man’s Hero, they’ve now been fully exposed as Villain.
📖 Just skim the headlines below to get the gist …
(in the next post I’ll summarize the best takeaways in this collection of solid long-form journalism. BIG THANKS to all the authors who took time to put these together!)
🦈 Forbes: yep, get that imagery– WALL-STREET SHARKS EATING KIDS’ ALLOWANCE MONEY THANKS TO BILLIONAIRE APP BUILDERS.
🛹 New York Times: “Teen Stock Trading Seems Dangerous. It Doesn’t Have to Be.” Remember that time you bought near-term Tesla call-options pre-earnings while skateboarding with your bros, then fell off and skinned your knee … yeah, me too.
📲. Vox, “Who gets to be reckless on Wall Street?” Remember when you were stuck at home in April and your whole fantasy-league-team started following Davey Day Trader a.k.a. Dave Portnoy and started bragging who get best returns on Robinhood?
📈 Marker Medium, “How Robinhood Convinced Millennials to Trade Their Way Through a Pandemic”. Remember the last time you were trippin’ on somethin’ and a flashing neon emoji told you to buy everything cuz “STONKS ONLY GO UP!”
🏹 The Motley Fool, “New SEC Investigations Show Robinhood May Be an Investing Villain, Not a Hero”. Forget the Disney cartoon you watched growing up, Robinhood isn’t the good-guy anymore: this Silicon Valley company is co-opting and leveraging his name to [check next headline] literally steal from Poor and give to Rich.
💸 New York Post, “Robinhood app luring and robbing amateurs — like in the dot-com era”. Here’s the 1st comparison to a famous stock bubble in history: not the Great Recession which us Millennials are old enough to remember, but the tech-fueled euphoria of the 90’s that led to massive collapse in 2000, when we were just in school.
💻 Bloomberg, “Robinhood Internal Probe Finds Hackers Hit Almost 2,000 Accounts”. The negligence continues beyond ignoring SEC rules, ignoring customer support complaints, playing broker-dealer favorites, persistent outages, targeted performance throttling, NBBO & FIFO violations, but now also includes weak security.
So there’s the top 7 so far.
Coming soon, I’ll be sharing more on Action Steps we can take to recover lost, locked, or stolen funds from the app together – follow me on Twitter as that unfolds here:
If you didn’t catch the context from 1st week, you can check that out here – it’s an epic story of how I went from a >20X Big Short to locked-account, class-action, and am now busy exposing their exploitation for the world to see. 🌎 👀
I will continue telling my story here on Substack, on Twitter, on Reddit, and anywhere else people will listen UNTIL …
until I get my money back.
until Robinhood stops its unethical (+ illegal) exploitation of users.
AND until Robinhood’s founder-CEOs apologize publicly.
If you had a similar experience, Leave a comment & let me know what Robinhood did to you.