Robinhood Takes Swipe at Warren Buffett After Weekend ‘Casino’ Remark

(Bloomberg) -- Robinhood struck back at Warren Buffett on Monday after the legendary investor said over the weekend that the online brokerage played a significant part in the “casino aspect” aspect of the market.

“People are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing,” Robinhood head of public policy communications Jacqueline Ortiz Ramsay said in a blog post. “Robinhood and other online trading platforms have opened the doors of financial markets to everyday people, deeply unsettling the old guard who will fight to keep things the same.”

A majority of Robinhood customers are buying shares and holding them as everyday investors build their nest eggs, Ortiz Ramsay said.

“At Robinhood, we’re not going to sit back while they disparage everyday people for taking control of their financial lives,” she added.

Read More: Buffett Speaks at Berkshire Annual Meeting: TOPLive Transcript; How Robinhood Made Trading Easy—and Maybe Even Too Hard to Resist

©2021 Bloomberg L.P.