⁍ In one case last month, a user died by suicideafter apparently seeing massive negative account balance in what turned out to be a design flaw in the app.
⁍ Today, the company is riding high with more than 13 million users (3 million added this year alone) and an $8.6 billion post-Series F valuation led by Sequoia Capital.
– Robinhood, the popular investing app, has a new glass door at its headquarters in Menlo Park, Calif., to keep employees safe from angry users, the New York Times reports. The company installed anti-ballistic glass at its headquarters, apparently to protect employees from angry customers—or, as the Times puts it, “to protect employees from angry customers seeking retribution against the company.” According to Business Insider, the app’s popularity has soared to more than 13 million users and an $8.6 billion valuation, but accounts of amateur traders losing thousands of dollars have raised concerns about the app’s addictiveness. In one case last month, a user died by suicide after apparently seeing massive negative account balance in what turned out to be a design flaw in the app. Co-founders Vladimir Tenev and Baiju Bhatt announced new changes to the platform in response to the tragedy, including “additional criteria and education for customers” seeking higher levels of activity. A spokesperson tells Business Insider the company “enables a diverse range of investing strategies that reflect thoughtful participation in the market. We’re committed to providing users with both access to the markets and resources they need to get and stay informed.”
Source: https://www.businessinsider.com/what-founders-can-learn-from-robinhoods-success-trap-profits-mission-2020-7