Amid a firestorm of controversy, Robinhood CEO Vlad Tenev defended the company’s decision to disallow buying of Gamestop and some other equities Thursday, while still allowing selling.
Tenev claimed they must “prudently manage the risk and the deposit requirements.”
Robinhood CEO Vlad Tenev defends the company's decision to limit trading on some symbols following the GameStop stock chaos, saying they must "prudently manage the risk and the deposit requirements." pic.twitter.com/z2Ar8d9YX1
— Christopher C. Cuomo (@ChrisCuomo) January 29, 2021
WOW.#Robinhood's CEO made things WORSE: "We realize customers are upset with this. It was not an easy decision. Ultimately, the team made the correct decision here. So what we can do is move forward, focus on giving customers the most stable and reliable platform." pic.twitter.com/afxeMXxQGI
— Curtis Houck (@CurtisHouck) January 29, 2021
Tenev has faced a firestorm of criticism from both Republicans and Democrats.
Dave Portney’s video slamming Robinhood has over 2 million views on Twitter.
Emergency Press Conference – Everybody On Wall Street Who Had A Hand In Today’s Crime Needs To Go To Prison pic.twitter.com/aKr8aPbB3Z
— Dave Portnoy (@stoolpresidente) January 28, 2021
Here is more:
Private investors deserve to know Wall Street and hedge funds are not engaged in malicious behavior when the pendulum swings in favor of private investors, not corporate cronies. #RobinHood #WallStreet
My full statement below: pic.twitter.com/PkyepB4Ac4
— Byron Donalds (@ByronDonalds) January 28, 2021
— Rep. Dave Williams (@RepDaveWilliams) January 29, 2021
If they don't want people to take from the rich and give to the poor they should change the name of the app from "Robin Hood" to something else.
— Andrew Freiden (@AndrewNBC12) January 29, 2021