Users are experiencing a new Robinhood (NASDAQ:HOOD) glitch that is raising massive red flags amongst the retail community.
Some Robinhood customers found their balances had plunged to $0 or even into negative territory on Monday amid a glitch on the app.
Users shared screenshots of their portfolios online, saying the correct amount was shown one minute, and then an incorrect figure the next.
Late Monday, the company announced the “system issue” had been fixed.
“Today we experienced an issue that affected the display of your portfolio balance and for a short time, crypto functionality,” Robinhood tweeted.
“Robinhood nearly gave me a heart attack… my numbers were way off and this is the first time it’s ever happened… I’m about to switch all of my cryptos into Ledger wallet… this is ridiculously scary…, said one user.
Investors expressed resentment towards Robinhood as they momentarily saw their entire accounts go to $0.
Other users reported being unable to buy or sell assets momentarily.
But this isn’t the only Robinhood glitch that has given investors a scare.
The platform is known for posting misinformation deemed to be extremely detrimental to businesses and investors affected.
Robinhood Glitch Enrages Investors
On May 1st, Robinhood falsely reporting AMC Entertainment (NYSE:AMC) has filed for bankruptcy on its trading platform.
AMC Shareholders have shared various screenshots of what many believe to be a ‘short and distort’ campaign against the movie theatre company.
AMC Entertainment has not filed for bankruptcy nor is it in any position to file for bankruptcy.
“What the DUCK !!!!! I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy.
How can companies like Robinhood do this?
So ludicrous, so wrong, so irresponsible.
On Friday, we report Q1 earnings, and will announce our sizable cash position,” said AMC CEO Adam Aron in a statement on social media.
Robinhood users are reporting the platform has issued a notice on ticker symbol AMC stating the following:
“This company has filed for bankruptcy. This typically happens when companies are close to running out of money or have trouble repaying their outstanding debts.”
“On 5/1/23 at 1:45 pm ET, Robinhood experienced a technical issue leading to an incorrect banner being applied to AMC. The banner was removed at 1:48 pm ET. We apologize for this error,” said the trading platform.
Robinhood’s ‘glitch’ was enough to set the CEO off who later claimed he was seeking to sue the company.
“I am so Ducking angry about this. They are either incompetent or evil, and either is absolutely inexcusable. Obviously, there is no truth to their postings. Outrageous behavior. I have already asked our lawyers if we can sue the Dastards. #IncompetentEvil”
AMC Market Cap Glitch
In March, Robinhood and other brokerages have been reporting AMC Entertainment at a $417 billion market cap and even $421 billion market cap.
This puts AMC Entertainment up with Facebook in terms of market cap, per the false reportings.
Many shareholders shared screenshots of what CEO Adam Aron believes to be discrepancies from these brokers.
Both AMC and APE are displaying what some shareholders believe to be the true value of the securities.
Adam Aron has previously shown a strong dislike for market manipulation talks, alleging that screenshots circulating online are “photoshopped”.
All of these Robinhood glitches certainly raise red flags and concerns over both holdings and company data.
Investors today continue to show resentment towards the platform years after the company prohibited investors from buying ‘meme stocks’ when trading was halted.
Robinhood and Citadel colluded the night prior to the halt though the judge ruling the case said not enough evidence was found for either party to face consequences.
Robinhood is currently being sued in a new class action lawsuit for the events that occurred during this time.
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