OMAHA, Neb. (Reuters) – Berkshire Hathaway’s vice chairman Charles Munger stated on Saturday that retail brokers are a key part of the Berkshire Hathaway business (NYSE:). Robinhood Markets Inc (NASDAQ:) is nearing a record-low trading price.

Robinhood reported a 43% drop in revenue for the first quarter earlier in March, following a 2020 peak in trading volumes. Transaction volumes fell across different asset classes due to poor performance in shares. Robinhood announced that it would be laying off 9 percent of its full-time employees.

It was obvious from the Robinhood’s story that it would end in the trough. said Munger. Munger said, “When it became public it went viral and everybody went to gambling… It was disgusting…Now it’s unraveling and God is getting just.”

It was the heart of retail trading fever when it became a popular platform for investors to invest in shares of meme stocks like GameStop (NYSE 🙂 or AMC Entertainment(NYSE :).

The IPO sale of shares in the Menlo Park, California-based business resulted in $38 per share. On Friday, they closed at $9.80.

Robinhood has not yet responded to our requests for comment.