Robinhood fires back after Warren Buffett slams free-trading app

Buffett said in Saturday’s annual Berkshire Hathaway shareholder meeting that the rise of Robinhood is “a very significant part of the casino aspect” of the stock market in the past year. “There’s nothing illegal about it, there’s nothing immoral. But I don’t think you build a society around people doing it,” he said. Buffett is not a fan of the company’s business model, he added. The app allows people to make multiple stock trades a day for free, instead making money from options trading and order flow revenue that big market makers pay Robinhood to execute trades. Munger went a step further, saying that it is “God-awful that something

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