Berkshire Hathaway Inc. (BRKA)(BRKA) Vice Chairman Charlie Munger on Saturday said the Robinhood trading app was "unraveling" after engaging in practices he labeled "disgusting." "Look what happened to Robinhood from its peak to its trough," Munger said at Berkshire's annual meeting. "Wasn't that pretty obvious that something like that was going to happen." Munger, who has previously blasted Robinhood Markets Inc. (HOOD), saying it encouraged a casino-like approach to investing, on Saturday criticized what he called the platform's "short-term gambling and big commissions and hidden kickbacks and so on." Robinhood fired back. "It is tiresome witnessing Mr. Munger mischaracterize a platform and customer base he knows nothing about. He should just say what he really means: unless you look, think, and act like him, you cannot and should not be an investor," said Jacqueline Ortiz Ramsay, Robinhood's head of public policy communications, in a statement. Robinhood shares have dropped 86% from their August closing high. "Now it's unraveling. God is getting just," Munger said.
(END) Dow Jones Newswires
May 01, 2022 09:29 ET (13:29 GMT)
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