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Venture backer Bill Gurley reportedly did not advance in Robinhood because it fabricated him feel “emotionally bad.”
Gurley, a accepted accomplice at Benchmark who has invested in Uber, Zillow, and Stitch Fix, told The New Yorker’s Sheelah Kolhatkar he did not advance in Robinhood because of oppositions to the app’s business model. Robinhood gets money by application a third affair to backpack out alone buy or advertise orders, alleged a “payment for adjustment flow.”
“It fabricated me feel bad. Emotionally bad. Because I anticipate it is ambiguous to people.” Gurley told The New Yorker. “My affair with Robinhood is, I anticipate their mission and what they say they angle for is not absolutely true.”
Robinhood is a commission-free trading app accepted amid first-time investors. The firm’s website said it’s aim is to “democratize accounts for all.”
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But the app has aerial contour critics like Warren Buffett and Charlie Munger, and some markets experts afresh told Insider the app “gamifies” trading through blatant action and incentivizes chancy betting.
Gurley alleged for the US Securities and Exchange Commission to ban acquittal for adjustment breeze models during the acme of GameStop’s abbreviate squeeze. In aboriginal 2021, abounding retail investors, including those in the Reddit accumulation WallStreetBets, pushed the amount of GameStop up. Some said it was to bake barrier funds that bet adjoin the stock.
Gurley, in the past, has said the acquittal for adjustment breeze convenance “smells bad” and is already banned in the UK and Canada.
“If the SEC/government wants to “fix the plumbing” the cardinal one affair they should do is ban Acquittal for Adjustment Flow,” Gurley tweeted in January.
Gurley acquired acclaim through abetment Uber in 2011 with $10 million, which brought Benchmark $8 billion. Gurley did not participate in Benchmark’s latest fund, but will abide at the VC close that he abutting in 1999, Insider’s Bani Sapra reported.
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