“We didn’t build Robinhood to make the rich people richer,” co-founder Baiju Bhatt told the FT in 2016. “The mission is to help the everyman, the rest of us, to be part of the financial system.”One has to be brain-dead to take this seriously.
If the world was not filled with millions of dead...
You have every reason to be concerned, The lack of knowledge and misinformation is prevalent not only at Saxo, but at most financial firms.
The response you received is a red flag. I would consider taking your business to another place.
It is incredible that there are people on this thread who believe he lost 731k when he actually lost nothing. Then there are people on ET who post complete nonsense on short selling and call you names when you give a proper explanation.
This kid was mentally unbalanced which is obvious.
Like many retail traders he knew next to nothing about the product he was trading. In the money options, particularly deep in the money get exercised frequently.
RH is also likely at fault for failure to make disclosures.
RH will likely be fined...
This fact seems to be overlooked by posters here.. . What happened to the other leg of the spread? If the other leg was not closed risk management is disaster at robinhood.
Didn't this kid talk to someone at RH when he saw the negative balance. Did someone at RH give him incorrect...
d08 said:
Everyone will suffer because of one, sorry to say this, idiot.
Why? Words of compassion is not going to bring him back. His selfish act, assuming it was not a glitch in the Robin Hood platform, may likely affect thousands of people.