The Trading App Robinhood Takes From You and Gives to the Rich
jacobinmag.com · 234 words · saved by 1 readers
The start-up trading app Robinhood invoked Occupy as it promised to fix a
Market researchers estimate that over 10 million Americans became first-time investors in 2020, amid record volatility. A staggering 6 million chose to invest through Robinhood, the Silicon Valley start-up that pioneered commission-free trading back in 2013. The app has been lauded by commentators for its mission to democratize finance — but as the New Year approached, the company found itself in hot water three times in just two weeks. Most recent is the class action lawsuit, filed on December 24, that claims Robinhood offsets the costs of its commission-free calling card by reselling…
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