Robinhood user with a negative balance of -$700k commits suicide
Robinhood is getting notorious for attracting a new generation of young inexperienced traders who are playing with the market like it's a Candy Crush app.
The app allows users to trade on margins, basically betting money they don't have. If you play this game like a high roller in Vegas, you could find yourself with some nasty surprises like this 20 year old user when the market doesn't go your way.
The 20 year old left a note found by his parents on his computer only saying this:
“How was a 20 year old with no income able to get assigned almost a million dollars worth of leverage?”
He had previously admitted to his family and friends that he had "no clue" what he was doing. And the sad part is that the balance he saw was probably only temporary until his options trade settled.
Robinhood declined to share any details about this, but has been made aware of the situation and has issued a statement: "“All of us at Robinhood are deeply saddened to hear this terrible news and we reached out to share our condolences with the family over the weekend.”
More about this story here: https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-commits-suicide-after-seeing-a-730000-negative-balance/#6ef311105928
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