By Jacob Wolinsky. Originally published at ValueWalk.
Today, Robinhood restricted trading on GameStop and other stocks caught in the “meme stock” frenzy.
Q4 2020 hedge fund letters, conferences and more
Robinhood customers took to Blind, the largest anonymous professional network, to express their outrage surrounding the decision.
Do Professionals Plan On Leaving Robinhood?
A data employee at Microsoft asked the Blind platform: “After this whole thing is over, do you plan on leaving Robinhood.”
Today’s key learnings from 1,270 survey respondents:
- 76% of respondents say they plan on switching from Robinhood
- 13% of respondents say they already did (and shared where they went)
- Only 11% of respondents say they won’t be leaving the Robinhood platform
Comments From Professionals
What professionals are saying on Blind right now:
A professional at Amazon responded “Could someone suggest an alternate platform with a good app? Is there a link to the transfer process?”
A professional at Google shared “Initiated transfer this morning to Fidelity which is my other trading account.”
An Engineer at Amazon shared “Switched to fidelity. Call them up they will refund the 75$ transfer fees”
A Facebook professional shared they had “Switched to Webull”.
An Apple professional simply said “Etrade”.
A Lyft Professional said, “Robinhood is dead to me.”
An Intel professional questioned, “Newbie here. All this outrage over RH because they stopped letting us trade GME, AAL, AMC … etc stocks? Why the boycott? what exactly are you guys hoping to witness by bloating up these stocks? Just curious. Not taking any side.”
An Amanzon Professional said, “I’ve been on the sidelines on this GME, AMC thing. But now, I’m in. I’m not selling it and I don’t care if I end up losing my money in the process. It’s not abt money anymore, it’s personal this time.”
Up until today, Robinhood has made a name for itself through its mission to democratize investing for everyone. The Silicon-Valley start-up once pioneered free trading, and now has 76% of its user base flocking to competitors.
The post 76% Of Respondents Say They Plan On Leaving Robinhood appeared first on ValueWalk.
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