Robinhood (NYSE: HOOD) just acquired Say Technologies for $140 million cash. This is the same company AMC Entertainment used to connect with its shareholders.
Say Technologies allowed the AMC community to ask Adam Aron questions to be answered during the Q2 earnings conference call. Retail investors already want out.
It seems that the community does not want to partake in anything with Robinhood’s name on it. Here’s what’s going on.
Welcome to Franknez.com – today I’m going to be discussing finance news with the community.
Lets get started!
Retail Investors Provided Say Technologies With Confidential Information
One of the biggest reasons retail investors are disconnecting from Say Technologies is because of how much confidential information was provided to the company.
Now, AMC shareholders are concerned their information is at risk with Robinhood acquiring the company. Robinhood is an affiliate partner to the unregulated hedge fund monster, Citadel Securities.
Retail investors fear that the information they provided the company may be used against them as Robinhood is no longer a trusted broker in the community.
What Information Does Say Technologies Track?
According to their website, Say Technologies tracks the following:
- Trade History
- Name and Contact Information
The company continues to use and store ongoing information for as long as you’re connected to the service.
Say Technologies Compromised?
Shareholders were required to provide the login information to their broker accounts which also calculated and registered their positions.
Now, retail investors aren’t so sure they can trust the company with Robinhood overseeing it.
If you signed up with Say Technologies you can still unlink your brokerage account. Be sure to change your brokerage account password once you’ve disconnected to ensure your private information is no longer monitored.
Did you sign up with Say Technologies?
Let me know in the comment section below. Will you keep using the service or will you be unlinking?