A Robinhood rival encourages users to dump the stock trading app in favor of his own – and it taps Michael Bolton to clinch the deal.
Public – a New York-based company that wants to capitalize on Robinhood’s recent problems with regulators and customers – tweeted a video on Tuesday of the divergent ballad owner who released a version of his 1989 hit, “How Should I Live Without You live?”
The new track, “How Do I Trade Without You?” follows a bitter end to the “Reddit Rally” in which users accused Robinhood of stabbing shares of companies such as GameStop and AMC Entertainment with surprising trading restrictions.
In the new text, Bolton delves into accusations that Robinhood is selling ‘orderflow’ to large hedge funds such as Citadel Investments whose financial interests do not match those of mother-and-pop investors.
“I could hardly believe what I saw on Reddit today,” Bolton crowned as a piano sounded in the background. “I was hoping to get it from you directly. They told me ‘about’ the order flow: ‘So I googled, now I know – I think I need to find someone new.’
“Tell me all about it – tell me who’s you selling my trade to,” belted Bolton, sitting in a recording studio amid torn stock of flaming roses, a broken wine glass and a man walking alone on a beach.
‘Tell me how should I trade without you? My shares have been in your app for so long. ”
Public, which currently claims 1 million users versus Robinhood’s 13 million, allows customers to buy partial shares of stocks and ETFs. Public said on Wednesday it had raised a new $ 220 million round of funding from existing investors.
The company also said it no longer pays for order flows, and that it now directs its operations directly to exchanges such as the New York Stock Exchange, while encouraging users to indicate their transactions.
“I think it’s time for me to move on,” Bolton sang, closing the field. “If I’m going to transfer all my belongings, then I’m gone!”