Robinhood Strikes Back at Buffett's "Stock Gambling" Remark as "Insulting"

[Asia Economy Reporter Yujin Cho] The U.S. stock trading platform Robinhood has pushed back against criticisms from Warren Buffett and Charlie Munger that it turned the stock market into a speculative playground, calling the remarks "an insult to young retail investors."

On the 3rd (local time), according to CNN Business, Robinhood issued a statement without mentioning Buffett and Munger by name, saying, "The criticism was inappropriate, and young retail investors are not a 'casino group.'"

Robinhood countered, "There are entrenched interests who do not want ordinary Americans to sit at Wall Street's table and rely on insults."

CNN Business reported that this appears to be a direct response to Buffett and Munger's criticism at the Berkshire Hathaway annual shareholders meeting held in Los Angeles on the 1st, where they accused Robinhood of turning stock trading into gambling and said Robinhood's rise played a significant role in turning the stock market into a casino over the past year.

On the same day, Robinhood also posted a blog specifically naming Buffett and Munger, stating, "The two most iconic investors insulted young stock investors."

It added, "People are now tired of individuals like Buffett and Munger acting as if they are investment sages," and "We will not stand by as they disparage ordinary people taking charge of their financial lives."

The elites have benefited from the stock market by accumulating vast wealth through decades of investing, and Robinhood emphasized, "Robinhood has made investing simpler and more accessible to more people."

Meanwhile, Robinhood submitted its S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on the 23rd of last month and is preparing for an initial public offering (IPO). Before the GameStop incident earlier this year, Robinhood's corporate value was estimated at $12 billion (approximately 13.6 trillion KRW).

This content was produced with the assistance of AI translation services.