A Robinhood rival encourages users to drop the stock trading app in their favor – and touches on Michael Bolton to seal the deal.
Public – a New York startup trying to capitalize on Robinhood’s recent problems with regulators and customers alike posted a video on Twitter on Tuesday of the split ballad singing a version of his 1989 hit, “How Am I Supposed to Live Without You? ”
The new song, “How Should I Trade Without You?” A bitter end to the Reddit Rally follows, with users accusing Robinhood of divesting shares of companies such as GameStop and AMC Entertainment with surprise trading restrictions.
In the new lyrics, a right-wing Bolton deepens allegations that Robinhood sells “order flows” to large hedge funds, such as Citadel Investments, whose financial interests are not aligned with those of mom-and-pop investors.
“I can’t believe it, what I saw on Reddit today,” Bolton sings as a piano blinks in the background. “I was hoping to get it straight from you. They told me the “same” order flow, “So I searched Google, now I know – I think I need to find someone new.”
“So tell me all about it – tell me who you sell my trades to,” Bolton says, perched in a recording studio amid images of flaming roses, a glass of crushed wine, and a guy who walk alone on a beach.
“Tell me how I should trade without you?” My actions have been in your application for so long. ”
Public, which currently claims 1 million users compared to Robinhood’s 13 million, allows customers to buy shares of shares and ETFs. On Wednesday, Public said it had raised a new round of $ 220 million in funding from existing investors.
The company also said it no longer engages in order flow payment and now directs its transactions directly to stock exchanges such as the New York Stock Exchange, while encouraging users to return their transactions.
“I think it’s time to move on,” Bolton sang, closing the field. “I’ll transfer all my things and leave!”