Robinhood fires again after Warren Buffett slams free-trading app
“There’s nothing illegal about it, there’s nothing immoral. But I don’t think you build a society around people doing it,” he said.
Buffett is not a fan of the company’s business model, he added. The app allows people to make multiple stock trades a day for free, instead making money from options trading and order flow revenue that big market makers pay Robinhood to execute trades.
Munger went a step further, saying that it is “God-awful that something like that would draw investment from civilized men and decent citizens. It’s deeply wrong.”
Robinhood quickly fired back.
“There is an old guard that doesn’t want average Americans to have a seat at the Wall Street table so they will resort to insults,” said the company in a statement Saturday that did not mention Buffett or Munger by name.
“Adversaries of this future and of change are usually those who’ve enjoyed plentiful privileges in the past and who don’t want these privileges disrupted,” Robinhood added, saying that the…
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