That's a lot of staff - it means 1/5th of your coworkers got laid off...
I'm very bearish on Robinhood - I don't know if they have enough of a moat to defend themselves from other free stock trading apps. People have forgiven so many outages. The Gamestop saga was the straw that broke the camel's back for many.
The Gamestop fiasco rightfully killed their reputation among their absolute core fanbase who gave Robinhood the word of mouth that got them off the ground
Those people are never coming back and they're never going to have anything good to say about Robinhood
I like Robinhood and I have no problem with them having technical issues when users a flash mobbed a meme stock. In the end they learned what to do next time.
They weren’t technical issues; they were financial, business, and policy issues. And many people people either lost or think they lost a lot of money because of it.
Robinhood branded themselves as bringing power to the people but as soon as the people got the upper hand in a market, Robinhood turned around and screwed them. It’s a lot worse than a young startup struggling to keep up with explosive demand.
I guess when you give power to the people that means flash mobbing meme stocks. Not something traditional institutions have had to deal with before. Traditional users as well who don’t see what happened as good behavior. Robinhood handled it as well as could be expected.
I know I’m a mere small drop in a large bucket, but I take solace in knowing there were plenty of other drops like me that eventually wrecked that bucket.
I'm very bearish on Robinhood - I don't know if they have enough of a moat to defend themselves from other free stock trading apps. People have forgiven so many outages. The Gamestop saga was the straw that broke the camel's back for many.