Robinhood hits back at Buffett for his retail comments
Speaking at Berkshire Hathaway Inc’s annual meeting, Buffett said Robinhood has attracted, “perhaps tried to attract” a large number of people who only bet on short-term price movements. Buffett’s longtime business partner Charlie Munger was more severe, saying it was “deeply wrong.”
“If the last year has taught us anything, it’s that people are fed up with the Warren Buffett and Charlie Mungers of the world acting like they’re the only investment oracles,” an article said. blog post on Robinhood’s website by its Head of Public Policy Communications Jacqueline Ortiz Ramsay posted this Monday.
“And at Robinhood, we’re not going to sit idly by while they disparage ordinary people for taking control of their financial lives.”
In a statement released by CNBC, Robinhood said there is an “old guard who doesn’t want average Americans to have a seat at the Wall Street table so they will resort to slurs. The future is diverse, plus educated and powered by engaging technologies that have the power to equalize.
During the meeting, Buffett said: “There is nothing illegal, there is nothing immoral, but I don’t think you are building a society around people who do,” a- he declared.
Munger’s comment was: “It is just horrible that something like this attracts investment from civilized men and honest citizens,” he said. “This is deeply wrong. We don’t want to make our money selling things that are bad for people.”
Brokers like Robinhood Financial have sparked controversy this year as traders drove huge rallies in stocks of video game retailer GameStop Corp, movie chain AMC Entertainment Holdings Inc and others despite no fundamental reason. frenzy.