I have a couple grand in play money in Robinhood, because hey, zero commissions, but it’s clearly not sustainable for the long term. I’m glad my real investments are all safely parked at Vanguard, where I likely wouldn’t even notice if the brokerage seized up for a day.
The problem is that Robinhood is a young tech company and the "move fast and break things" approach doesn't work when it comes to industries that need reliability and risk management.
I'm surprised they got away unscathed from the lack of proper margin calculations before. That should've led to major fines.
"Nines don't matter if the users aren't happy", to quote Charity Majors. No-one will remember all the uptime for the rest of the month, or indeed year. Just the hours they were down for a critical trading day.