Opinion
Robinhood, GameStop rebellion brutally crushed by Wall Street
Robinhood’s horror financials, cratering valuation, falling user numbers and practice of selling clients’ trades suggests retail still can’t beat The Street.
Tom RichardsonJournalistRetail traders’ attempts to overthrow the Wall Street establishment have reached a disastrous end as whipsawed Robinhood users leave the trading platform nursing huge losses on the back of a tech stock crash.
On Friday, Robinhood reported revenues from equities trading plummeted 73 per cent over the March 2022 quarter versus the prior year period fuelled by a 20-fold rise in GameStop shares and collective delusion that making money in the sharemarket is easy.
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