Robinhood Glitch Steals From the Poor, Gives To the Rich

[Aina]

theodp writes: On its Careers page, zero-commission online broker Robinhood explains its founders “decided it was more important to build products that would provide everyone with access to the financial markets, not just the wealthy. Two years after heading to New York, they moved back to California and built Robinhood – a company that leverages technology to encourage everyone to participate in our financial system.” But on Monday, at least, the advantage went to the wealthy. Bloomberg reports that Robinhood suffered an outage that lasted the entire U.S. trading day and prevented customers from making trades as stocks surged after last week’s rout (status). Just another reminder that we’re all just one technology fail away from chaos.