Robinhood reports outage as markets rebound
Robinhood, a free-trading investment management app, said it experienced an outage as U.S. markets opened on Monday, Bloomberg reports.
Why it matters: The outage cut Robinhood users out of Monday morning's stock rebound of more than 2%, the first gain in eight sessions.
- The company said in December 2019 that it has around 10 million users, according to CNBC.
What they're saying: Unable to make trades, clients criticized the platform on social media.
- “We are experiencing a system-wide outage," the company said in a message to clients, according to CNBC. "We are working to resolve this issue as soon as possible."
Our thought bubble, via Axios' Jennifer Kingson: Many Robinhood customers are new to investing and may never have experienced market losses of the sort they may have suffered in the last several sessions.
- Volatility tends to cause spikes in trading activity, making today a particularly bad time for the platform to go down.
As of noon ET, users were still reporting difficulties with the site on social media.