Hundreds of angry Robinhood users took to Twitter and Reddit to blast the start-up after a technical outage kept users from trading Monday.
and Reddit to blast the start-up. Some said they would leave the platform, while others threatened a class-action lawsuit.
On the fifteenth page of the agreement, Robinhood outlines that it will not be responsible for "temporary interruptions in service due to maintenance, Website or App changes, or failures" and isn't liable for extended interruptions due to failures "beyond" the company's control. That includes computer viruses, "forces of nature," labor disputes and "armed conflicts.
While there have been plenty of glitches over the years, Angel said he hasn't seen anything this severe since trading entered the electronic era. The "real damage" to Robinhood is to their reputation and potential regulatory push back, he said. Ryan Gilbert, general partner at Propel Ventures, said this is an example of start-up "growing pains." But the start-up script may not work as the company grows in scale.
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