Robinhood crashed and missed the entire day of trading on Monday
Robinhood, a stock app popular among millennials, experienced a ‘system-wide outage’ and eventually crashed as markets rebounded in heavy volume Monday. The stock missed the entire day of trading. As of writing, the stock trading app’s status is now up. The outage prompting thousands of furious investors to vent on social media, as they wonder when Robinhood will be back up.
“We are experiencing a system-wide outage. We are working to resolve this issue as soon as possible,” the company said in a message to clients Monday. With an hour left in the trading day, Robinhood updated clients saying, “the issue has been identified and a fix is being implemented.”
At about 4:07PM Eastern Time, Robinhood apologized to its users on Twitter saying: “We are still experiencing system-wide issues. Our team is continuing to work to resolve this and we’ll provide updates as they become available. We apologize again for the trouble this has caused and appreciate your patience with us as we work to resume service.”
We are still experiencing system-wide issues. Our team is continuing to work to resolve this and we’ll provide updates as they become available.
We apologize again for the trouble this has caused and appreciate your patience with us as we work to resume service.
— Robinhood Help (@AskRobinhood) March 2, 2020
Robinhood was founded in April 2013 by Vladimir Tenev and Baiju Bhatt, who had previously built high-frequency trading platforms for financial institutions in New York City. The company offerss a mobile app and website that offers people the ability to invest in stocks, ETFs, and options through Robinhood Financial and crypto trading through Robinhood Crypto.
BenFranklinsGhost, one of Robinhood users, vented on Twitter at about 12 noon Eastern Time saying: “#RobinHood is coming up on 3 hours app outage. Honestly the most insane thing I have ever seen. I know programmers who could make an entire platform in that time. WTF are these people doing?”
The Menlo Park, California-based fintech startup became popular among young investors after offering free stock trading in 2013. In January 2018, Robinhood announced a waitlist for commission-free cryptocurrency trading. At the end of the first day the waitlist had grown to more than 1.25 million.
Robinhood began offering trading of Bitcoin and Ethereum to users in California, Massachusetts, Missouri, and Montana in February 2018. In May 2018, Robinhood expanded its trading platform to Wisconsin and New Mexico. By November 2019 trading was available in 46 states and the District of Columbia. In December 2018, Robinhood said that it has 10 million users on the platform.