Robinhood stock-trading app suffers another outage as markets plunge
Robinhood, the stock-trading app for millennials, suffered yet another service outage Monday as the markets took a historic dive, sparking outrage from furious customers.
“Trading has been partially restored on Robinhood and our team is working to get our platform fully back up and running,” the company tweeted from its customer service account at 10:32 a.m. ET. That was less than half an hour after Robinhood tweeted that trading was down altogether and that it was “investigating the issue.”
Shortly after the open of Monday’s trading session, stocks got halted as the S&P 500 index fell a heart-stopping 7 percent. The Dow Jones industrial average, meanwhile, plunged as much as 2,046 points as an oil price war broke out, even as fears about the coronavirus grew.
The Dow was recently off 1,697.01 points, or 6.6 percent, at 24,167.77.
The app was excoriated last week after it went offline for nearly two full trading sessions on Monday and Tuesday — days of record-setting volatility — with technical outages that left more than 10 million customers in the dark.
News that they were once again not able to move their money in the midst of a market panic left many Robinhood users feeling less than merry.
“@RobinhoodApp is a joke,” tweeted user @Brett_Coitas. “You’ve been down on every major volatile day in the past few weeks. SEC & FINRA need to slap them hard for this or shut them down. It’s criminal that this has happened again. Yes, if you’re using [Robinhood] still, you deserve it.”
Last week, Robinhood’s co-founders Baiju Bhatt and Vladimir Tenev admitted that heavy trading volume and market volatility were taxing the platform’s infrastructure and promised to do better.
“Many of you depend on Robinhood for your investments, and we’re personally committed to doing all we can to operate a stable service that’s available when you need it the most,” Bhatt and Tenev said last Tuesday.
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