Online broker Robinhood Financial, which is wildly popular with Reddit-Energy Day traders and other retail investors, is taking note of Warren Buffett’s comments at Berkshire Hathaway over the weekend.
Robinhood Financial, an online broker that has begun actively trading stocks in the epidemic as an epidemic to Reddit-Energy Day traders and other retail investors, is issuing comments over the weekend with Warren Buffett, head of Berkshire Hathaway.
During the annual Berkshire shareholder meeting on Saturday, Buffett compared the millions of inexperienced traders entering the stock market to gamblers compared to last year and said that Robinhood has become attractive, “probably able to attract” a large number of people who simply gamble on short-term price movements.
Berkshire Vice Chairman Charlie Munger sternly said it was “deeply wrong”.
“Two of the most iconic investors have insulted a new generation this weekend. Why? Because we’re doing things in a new way, “wrote Jacqueline Ortiz Ramsay, Robinhood’s head of public relations communications. Blog Post published on Monday.
The post titled “The old watchdog of investment is back to it” was aimed at Buffett, whose nickname is “Omaha’s Oracle” and Munger, both of whom have earned their reputation as marketers for decades.
Ortiz Ramsay wrote, “If anything last year taught us that people were tired of acting like Warren Buffets and Charlie Mungers around the world as if they were the only word of investment.” “And in Robinhood, we will no longer sit around disrespecting people for taking control of their daily lives.
Ortiz Ramsay generally accused Buffett and professional investors of trying to maintain a stability that exacerbates wealth inequality in America.
“It’s clear that the elites benefited from the stock market, which kept many families away from participating in the acquisition of huge amounts of wealth from decades of investment – a deep bond between Haves and Notes.” “Suddenly, Robinhood and other online trading platforms have opened the door to financial markets for everyday people, deeply concerned the old watchdog who will fight to keep things the same.”
Robinhood’s business model caught fire and congressional and regulatory investigations into the business frenzy surrounding GameStop. Shares of the video game retailer rose more than 17 17 on Jan. 1 to more than 7 347 between Jan. 27 They are currently trading at about 4 174 a share.
The rise in other meme stocks, such as GameStop and theater chain AMS, was sent by post on social media sites, especially the Reddit group led by Wall Streetbates and some of the people in favor of investing who bet against the stocks due to steep losses.
But fanatics have also seen Robinhood as a temporary obstacle to trading in those shares and others, angering retail investors, some of whom have sued Robinhood, alleging that the trading platform supports Wall Street more than younger boys.
Last month, Massachusetts regulators announced they were seeking to revoke Robinhood’s broker-dealer licenses in the state and could cause heavy losses by accusing inexperienced investors of encouraging them to make risky bets. The move was a follow-up to a lawsuit filed by the state against Robinhood in December.
In response, Robinhood filed its own lawsuit and published a blog post accusing the Massachusetts regulator of “old thinking.”