Charlie Munger says the Robinhood trading app is justly ‘unraveling’ for ‘disgusting’ practices
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After Robinhood went public, people waited in line to get t-shirts from a kiosk at Wall Street. The company had an IPO on Wall Street earlier that day.
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Berkshire Hathaway Vice Chairman Charlie Munger blasted stock trading app RobinhoodOn Saturday, the company declared that it is “unraveling”
“It is easy to exaggerate a good idea. Take a look at Robinhood’s decline from its height to its lows. Didn’t it seem obvious that such a thing was coming? Munger spoke at Berkshire Hathaway’s shareholder meeting last Saturday.
Munger criticized Robinhood’s “short term gambling, big commissions, hidden kickbacks, and so forth.”
Munger stated, “It was disgusting.” “Now it’s unraveling. God is making just.
In February last year, Munger was caught up in a crazy meme-inspired trading frenzy. first criticized Robinhood for its practices.
Robinhood shares fell 88% since the high they reached in recent years. This was just reported by Robinhood. decrease in users and a wider-than-expected loss for the first quarter.
You can view all the coverage of CNBC Berkshire Hathaway’s annual meeting here.
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