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  • 2021-02-24 (xsd:date)
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  • Did Robinhood Announce it Is ‘Upgrading its Systems’? – Truth or... (en)
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  • Did Robinhood Announce it Is ‘Upgrading its Systems’? Claim Popular day trading app Robinhood abruptly announced that it will be upgrading its systems and that buying some stocks might be limited. Rating Not True Like this fact check? Reporting On February 24 2021, not long after buyers using financial app Robinhood rattled money pundits everywhere, a tweet appeared to signify that something new was afoot: Tomorrow we’ll be doing an upgrade to our systems. Buying in some stocks might be limited. Sorry for the inconvenience. — Robinhood Traders (@TradeRobinhood) February 24, 2021 The tweet immediately received a lot of attention, including from day trader Dave Portnoy, who has had an ongoing public spat with Robinhood’s chief executive officer, Vlad Tenev: Weird timing @vladtenev https://t.co/IJcHvPlrQ8 Florida is where wokes go to die... Please enable JavaScript Florida is where wokes go to die — Dave Portnoy (@stoolpresidente) February 24, 2021 (Archived here .) However, this is not an official Robinhood account, as the account itself quickly made clear with a puckish follow-up tweet: We’ve been looking at this for 29 straight minutes. Still can’t believe Dave Portnoy retweeted us. Blessed pic.twitter.com/7ZtAJTBWSv — Robinhood Traders (@TradeRobinhood) February 24, 2021 The profile of the @TradeRobinhood account also makes clear that it is not an officially sanctioned page: We track the gamblers and degenerates of the trading community. Not associated with Robinhood. Tweets are not endorsements Joined January 2021 Tenev himself weighed in with a link to a video of Jonathan Frakes repeating variations on you’re wrong: https://t.co/tdEH9Z5MLl https://t.co/brrVfwOrub — VLAD (@vladtenev) February 24, 2021 The account also managed to fool Joe Pompliano of sports business newsletter Huddle Up as well: Thanks to Joe Pompliano for retweeting us too. It makes our eyes tear with joy. pic.twitter.com/HMe2CUNE44 — Robinhood Parody (@TradeRobinhood) February 24, 2021 Robinhood went from a popular trading app and occasional newsmaker to a subject of a deluge of news stories worldwide in January 2021 after the controversy around GameStop (and other) stocks: Robinhood played a critical role when a group of Reddit posters saw an opportunity to make money while also giving a jab to Wall Street and hedge funds . However, Robinhood then slowed the stratospheric rise in GameStop and other companies when it restricted users from buying certain stocks. It reversed that decision the next day and posted on its blog about what happened in all that stock trading . The fallout has included everything from bad press to class-action lawsuits — and a discussion about who the Robinhood app is really intended for , anyway: Payment for order flow wasn’t invented by Robinhood (that honor belongs to Bernie Madoff ), but the company’s technique differs from others who use it in the industry in that it charges a percentage of the order spread. In 2020, payment of order flow has made the company a killing : for the first quarter, it accounted for $90 million in revenue for the company (70 percent), by the second it doubled to $180 million. Payment for order flow is a wonderful system that makes a lot of money for everyone involved, except the consumer. In December, Robinhood was fined $65 million by the Securities and Exchange Commission for misleading statements and omissions in customer communications about its revenue, but specifically around its payment of order flow process. Since then, Robinhood has been both praised and criticized for its actions. However, @TradeRobinhood is not an official Robinhood account, and its tweets should be considered accordingly. Posted in Fact Checks , Money / Financial , Viral Content Tagged financial disinformation , gamestonk , gamestop , reddit , robinhood , twitter (en)
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