Berkshire Hathaway Vice Chairman Charlie Munger blasted trading platform Robinhood on Saturday, saying the firm is now “unraveling.”
“It’s so easy to overdo a good idea. … Look what happened to Robinhood from its peak to its trough. Wasn’t that pretty obvious that something like that was going to happen?” Munger said at Berkshire Hathaway’s annual shareholder meeting Saturday.
Munger castigated what he described as Robinhood’s “short-term gambling and big commissions and hidden kickbacks and so on.”
“It was disgusting,” Munger said. “Now it’s unraveling. God is getting just.”
Munger first criticized Robinhood in February during the wild meme-inspired trading frenzy.
Robinhood shares plummeted 88% in April from their recent high and the firm reported a decline in users and a wider-than-expected loss for the first quarter.