CEO Vlad Tenev apologized to the family of a young Robinhood user who died by suicide

The family of Alexander Kearns, a 20-year-old student at the University of Nebraska, said the young man died of suicide after his Robinhood account lost 730Speaking at the recent GameStop frenzy at the Congressional hearing on Thursday, Tenev said the loss of Kearns was “deeply troubling” for the company as a whole

“I’m sorry for the family of Mr. Kearns for your loss, “Tenev said.” Mr. Kearns’ death was deeply troubling to me and the company as a whole “

The House Financial Services Committee held a hearing to interview Tenev and other executives from Reddit and major hedge funds about their role during GameStop’s unexpected rally in late January

Tenev said the company expanded the training materials for the app, tightened requirements for purchasing options, and added a live customer support line for cases of acute options after Kearns’ death

Bill Brewster, a family representative, previously confirmed Kearns’ negative cash balance of 730$ 000, which doesn’t reflect a user’s portfolio value or debt, Brewster, a financial analyst, told Insider Kearns that he left a note asking why someone so young could get so much margin, or a loan, against the investor could buy stocks and options

Tenev said in the testimony of Congress that Robinhood users tend to be younger than the average investor The average age of a Robinhood user is 31 years and half of users identify as first time investors

Robinhood announced changes to the platform after Kearns passed away, saying the company had hired an option education specialist

At the hearing, Tenev said Robinhood plans to increase the number of call centers he uses for customer support. Robinhood will expand its live phone support beyond cases with advanced options

Dan and Dorothy Kearns, Alexander’s parents, filed an unlawful death lawsuit against Robinhood, CBS News reported that Robinhood was not providing “meaningful customer support” to investors

If you or someone you know is struggling with depression or has thought of harming or killing yourself, get help at the National Suicide Prevention Lifeline (1-800-273-8255) provides free, confidential support for people in need around the clock, as well as best practices for professionals and resources to assist in prevention and crisis situations

Vlad Tenev, Roaring Kitty

World News – USA – Robinhood’s CEO apologized to the family of a 20-year-old who died of suicide after he was believed to have been trading in the company 730Lost $ 000 App

Source: https://www.businessinsider.com/robinhood-ceo-vlad-tenev-apologizes-to-alex-kearns-family-2021-2