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Robinhood Has More Bad News for Its Employees

After slashing 9% of workforce earlier this year, CEO Tenev announces another 23% has to go

(Newser) - Robinhood Markets said Tuesday it's cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app. CEO Vlad Tenev said the company, whose easy-to-use app helped bring a new generation of investors to the market, will reduce...

Robinhood Stock Has More Than Doubled in 4 Days

S&P 500 drops after disappointing jobs report

(Newser) - Stocks closed lower on Wall Street Wednesday, pulling the S&P 500 index below the record high it had set a day earlier. The benchmark index fell 0.5%, weighed down by losses in industrial companies, banks, and consumer-facing companies. A disappointing report on the job market helped discourage would-be...

Robinhood Hit With Record $70M Penalty

Regulator says trading app misled customers

(Newser) - Controversial trading app Robinhood has been hit with what the Financial Industry Regulatory Authority say is the biggest penalty it has ever issued. The regulator has ordered the company to pay $57 million in penalties and around $13 million in restitution to customers over "systemic supervisory failures," USA ...

Old Guard of Investing Snipes at Newcomer, Which Snipes Back
It's Warren Buffett
vs. Robinhood

It's Warren Buffett vs. Robinhood

Old guard of investing criticizes day trading company, which fires back

(Newser) - Warren Buffett and his Berkshire Hathaway lieutenant Charlie Munger have a combined age of 187. And they made clear over the weekend that they're not fans of day trading upstart Robinhood , which caters to millennials, reports CNBC . The company has "become a very significant part of the casino...

Robinhood CEO: 'Look, I'm Sorry for What Happened'

But Vlad Tenev says it's 'absolutely false' to say company was helping hedge funds

(Newser) - The CEO of controversial trading app Robinhood offered an apology Thursday amid a grilling at the hands of lawmakers. During a congressional hearing on the GameStop trading saga, Vlad Tenev expressed regret for the company's decision to temporarily halt trading on GameStop and a dozen other stocks amid a...

Parents Say Son Who Died by Suicide Tried to Contact Robinhood 3 Times

Panicked college student thought he had lost $730K

(Newser) - The parents of 20-year-old Alex Kearns say their son died by suicide because trading app Robinhood allowed him to access complicated financial instruments but didn't have customer support available when he thought things had gone terribly wrong. According to the family's wrongful death lawsuit , the college student tried...

Robinhood Sued Over 20-Year-Old's Suicide

Family of Alex Kearns says he may not have owed any money at all

(Newser) - The family of the 20-year-old college student who committed suicide after seeing his Robinhood account was apparently in the red to the tune of more than $700,000 is now suing the trading app. Alex Kearns committed suicide in June after seeing the alarming figure, and his family says he...

GameStop Shares Just Collapsed 60%
GameStop, AMC Shares Plunge

GameStop, AMC Shares Plunge

Broader market rose, with Dow up 475 points

(Newser) - Stocks closed broadly higher on Wall Street Tuesday, adding to the market’s gains from a day earlier with solid contributions from Big Tech companies, banks, and other sectors. GameStop plunged 60% in the latest wild swing for the stock and several others that have become caught up in a...

Musk to Robinhood CEO: 'Anyone Holding You Hostage?'

Tesla CEO grills Vladimir Tenev on how and why GameStop trading was halted last week

(Newser) - With trading app Robinhood now in the spotlight after it temporarily halted trading last week amid the GameStop hubbub , Elon Musk decided to get some answers straight from the source. Late Sunday , the Tesla and SpaceX CEO, who'd already started instigating on the topic last week, spoke to Robinhood...

GameStop's Wild Ride Resumes After Restrictions Eased
Wild Ride Resumes
After Restrictions Eased

GameStop's Wild Ride Resumes After Restrictions Eased

Robinhood is being sued over Thursday halt

(Newser) - GameStop's wild ride isn't over yet. The Robinhood online brokerage, which caused an outcry Thursday by halting buying of GameStop, AMC Entertainment, and other stocks targeted by Reddit users, loosened restrictions early Friday. All 13 stocks in question soared in premarket trading, the Wall Street Journal reports. GameStop...

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