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Robinhood Co-Founder Admits Miscommunication in His Investment App

The investment application blocked the purchase of GameStop shares after reaching its all-time high of $483.

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Co-founder of online investment app , Vlad Tenev, acknowledged that there was a failure in the case. In remarks made on Saturday on the All-In podcast, he and CEO acknowledged, "I think the challenge was that we could certainly have communicated this a little better to customers. "

Robinhood outraged many of its users when on January 28 it restricted the purchase of 13 stocks short, including those of GameStop, whose shares had risen more than 1,600% to hit an all-time high of $ 483.

The company communicated the move to its users via automated that simply said they had restricted the purchase of certain shares. "As soon as those emails were sent the started coming in immediately, so my phone exploded," Tenev added.

The executive acknowledged that they probably could have provided more details on the situation with the anticipation that perhaps clients might think that a hedge fund was forcing them to do so.