‘God is getting just’ as Robinhood app unravels, says Charlie Munger

‘god-is-getting-just’-as-robinhood-app-unravels,-says-charlie-munger

Berkshire Hathaway Inc. BRK.A, -2.94% BRK.B, -2.55% Vice Chairman Charlie Munger on Saturday said the Robinhood trading app was “unraveling” after engaging in practices he labeled “disgusting.” “Look what happened to Robinhood from its peak to its trough,” Munger said at Berkshire’s annual meeting. “Wasn’t that pretty obvious that something like that was going to happen.” Munger, who has previously blasted Robinhood Markets Inc. HOOD, -2.82%, saying it encouraged a casino-like approach to investing, on Saturday criticized what he called the platform’s “short-term gambling and big commissions and hidden kickbacks and so on.” Robinhood didn’t immediately respond to a request for comment. The company in February 2021 deemed an earlier round of criticism by Munger “disappointing and elitist.” Robinhood shares have dropped 86% from their August closing high. “Now it’s unraveling. God is getting just,” Munger said.

Source: Marketwatch

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