This is very sad and unfortunate.
According to reports, the stock app, Robinhood, is facing a lawsuit after a horrible tragedy happened.
A 20-year-old, Alex Kearns, took his own life after the Robinhood app showed that he owed nearly $1 million. Kearns didn’t owe the company that much, there was an error on the app’s part.
The incident happened last year and Kearn’s parents want justice. They want Robinhood to be held accountable. They’re also suing for unfair business practices. Bossip reports, in the lawsuit, the parents said their son took his life after the app told him he was in a hole of $730k and needed to come up with $170k ASAP.
Kearns was shocked and tried to reach out to Robinhood for clarity, but only got an email response. It wasn’t until after Kearns took his life that Robinhood reached out and said it was an error.
In Kearn’s suicide note, he asked Robinhood why they would allow a 20-year-old to have a million dollars worth of leverage. Robinhood said in a statement that they’ve made numerous changes as a result of Alex’s passing and will keep making changes to become better.
Take a look at a news report from when the incident first happened: