Ocasio-Cortez Questions If Free Robinhood Trades Are Really Free
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Representative Alexandria Ocasio-Cortez told Robinhood Chief Executive Officer Vlad Tenev that his firm’s faulty business practices undercut its promise of free trades, while urging him to share revenue it makes selling stock orders with customers.
“Robinhood owes its customers a lot more than an apology because it has harmed their interests,” the New York Democrat and progressive icon said by video at Thursday’s House Financial Services Committee hearing on wild market swings in shares of GameStop Corp. and other stocks. She accused Robinhood of providing investors poor execution and lost rebates, adding that that makes its popular app far from free.