Warren Buffett said Robinhood encourages gambling-style behaviour
Trading app Robinhood has hit back at Warren Buffett after the revered investor accused it of encouraging gambling-style behaviour.
At the shareholder meeting of his firm Berkshire Hathaway on Saturday, Buffett said Robinhood had ‘set out to attract’ users who were gambling on short-term moves, rather than making long-term investment decisions.
But Robinhood spokesman Jacqueline Ortiz Ramsay said: ‘The old guard doesn’t want average Americans to have a seat at the Wall Street table so they resort to insults.’
