Robinhood Changes Trading App After 20-Year-Old's Suicide
It was less than 24 hours after Alex had checked his account at the wildly popular trading app, Robinhood. In his note, he said he thought he had quickly racked up a negative $730,165 cash balance. But Alex may have misunderstood the Robinhood financial statement, according to a relative. "He thought he was exposed, he thought that ending his life would protect his family from the exposure," Bill Brewster, a cousin by marriage and an analyst at Sullimar Capital, told CNBC in a phone interview...
In the note to his family seen by CNBC, Alex accused Robinhood of allowing him to pile on too much risk. He claimed the puts he bought, and the shares sold "should have cancelled out" but in hindsight, he said he had "no clue" what he was doing. "How was a 20 year old with no income able to get assigned almost a million dollars worth of leverage?" the note reads. "There was no intention to be assigned this much and take this much risk, and I only thought that I was risking the money that I actually owned."
It was less than 24 hours after Alex had checked his account at the wildly popular trading app, Robinhood. In his note, he said he thought he had quickly racked up a negative $730,165 cash balance. But Alex may have misunderstood the Robinhood financial statement, according to a relative. "He thought he was exposed, he thought that ending his life would protect his family from the exposure," Bill Brewster, a cousin by marriage and an analyst at Sullimar Capital, told CNBC in a phone interview...
In the note to his family seen by CNBC, Alex accused Robinhood of allowing him to pile on too much risk. He claimed the puts he bought, and the shares sold "should have cancelled out" but in hindsight, he said he had "no clue" what he was doing. "How was a 20 year old with no income able to get assigned almost a million dollars worth of leverage?" the note reads. "There was no intention to be assigned this much and take this much risk, and I only thought that I was risking the money that I actually owned."