How Robinhood Convinced
Millennials to Trade Their Way
Through a Pandemic
One of the unfortunate realities of capitalist society is that there will always be someone who makes a profit from the most devastating of situations, and often enough, money functions as a distraction for those who can afford it. Boredom mixed with anxiety has caused many to spend more time on stock market "democratization" apps like Robinhood. These apps are especially tempting for many, because of theirseemingly friendly interface and promise of a brighter and better future.
However things are far from being that simple. In tandem with the app’s growth during the pandemic, last month 20 year old user ended his life after seeing a negative balance of $730K. Since then the company has implemented some changes, but definitely hasn't stopped profiting. This story by Rob Walker, published on Marker by Medium, traces the unexpected booming of the app during a global crisis, and its questionable methods of attracting more users in a time when we should be donating instead of investing.