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Student trading on Robinhood kills self after seeing negative balance - Business Insider

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A 20-year-old college student killed himself after seeing a negative $730,000 balance in his Robinhood account

citing screenshots of a negative $730,000 cash balance in Kearns' account. In an interview, Brewster confirmed the balance, which does not reflect a user's portfolio value or debt owed. The balance was likely due to complex options trades, which can settle over concurrent trading days, leaving a temporary balance during the interim.

A Robinhood spokesperson told Business Insider that it will not be sharing any details about the account in question, citing privacy concerns. Brewster commended the company for reaching out and offering a "senior level" employee for conversation. However, he also wants to know how the balance was displayed in the first place, and how Robinhood plans to mitigate any future incidents.

Robinhood, one of the first companies to make commission-free stock trading commonplace, is worth more than $8 billion following its latest round of funding. Qualified users can apply in the app to trade options contracts, inherently risky investments that give buyers the right, but not the obligation, to buy or sell a stock at a certain price within a period of time.

 

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🤔 how are they proving this?

Sad. Even more so, eye-popping negative balance might only have been a book-keeping artifact while some of his offsetting trades hadn't yet cleared.

sheknowheabum remember when you mastered da market? Smh 🤣

So tragic. 😓💔🙏🏼

GinSecurities but the trades were free !

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