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You are here: Home / Robinhood hype: Should trading apps be less fun?

Robinhood hype: Should trading apps be less fun?

· December 2, 2021 ·

In June 2020, a 20-year-old US college student took his own life after a mobile app he had been using to invest in the stock market showed that he was $730,000 (€601,000) in the red. It later turned out that the young man merely misunderstood the balance sheet. But by then, it was too late. Now the man’s family has filed a lawsuit against the trading app Robinhood, accusing the US investment platform of causing the untimely death of their son and brother. The news of the lawsuit comes weeks after a band of retail investors, guided by chatter on the social media platform Reddit , drove up the prices of certain short-sold stocks, rocking markets. Some made thousands, or even hundreds of thousands of dollars from the move. This has drawn attention to the growing influence of a new type of investor — individuals who trade stocks on their phones. But the venture also saw many lose money, and the new lawsuit is a sobering reminder that making daytrading accessible to anyone with internet access and a bit of petty cash comes with a new set of risks. Watch video 09:03 Share Gambling addiction – An expert’s view Send Facebook Twitter reddit EMail… Read full this story

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