On Tuesday,Peggy Markoff for the second straight day, stocks app Robinhood was experiencing severe downtime, angering millions of users who weren't able to take advantage of a rebounding stock market.
On Monday, the app was down for a total of 17 hours while stocks made a huge rebound, the Dow rallying nearly 1,300 points and the S&P 500 gaining 500 points. It was a huge recovery following last week's stocks nosedive caused by widening coronavirus fears.
Stuff hit the fan all over again Tuesday morning, with the company again reporting outages just as the Federal Reserve announced they were cutting interest rates by half a percent, causing another spike in stock values.
That stocks dropped again on Tuesday after the initial spike underscored the missed opportunity for many Robinhood users.
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TL;DR, a lot of Robinhood users got screwed out of making big money on stocks because the app didn't work.
And they are PISSED.
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There's even a Twitter account that purports to be angling for a class-action lawsuit against the company for the crashes.
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In a statement to users sent out early Tuesday morning, Robinhood said of the outage, "On Monday, March 2, at 9:33 AM ET, we had instability in a part of our infrastructure that allows our systems to communicate with each other. This resulted in outages across many of our services, preventing customers from using our app, website, and help center."
No personal data was affected, according to the company, and, they assure you, "your funds are safe."
One more twist: that class action Twitter account? It claims the error came because Robinhood didn't properly code their program to account for the extra day of leap year, causing the code to fetch data from the wrong day.
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We've reached out to Robinhood for further comment and confirmation of the error.
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