The stock trading app, Robinhood, has decided to run a Super Bowl ad despite the recent “GameStop mania” fiasco.
The 30-second advertisement will air on Super Bowl Sunday and will focus on the company’s intention of “opening America’s financial system to everyone.” In the commercial, the company will shine a spotlight on ‘normal’ people integrating the Robinhood app into their everyday lives. The ad concludes with the company’s slogan, “we are all investors”.
Robinhood users and lawmakers were enraged last week when they were prohibited from purchasing certain WallStreetBets Reddit group favorites including GameStop (GME), AMC (AMC), and others. Hours after parts of the financial market were shaken up, the company raised $1 billion from investors leading to a cash crunch.
Robinhood’s choice to prohibit specific trades led to users filing a class-action lawsuit which claimed that the market was unjustly rigged against Robinhood customers. This week, Senator Elizabeth Warren searched for answers from the company to explain the abrupt rule changes made for individual investors through temporary purchasing bans of certain stocks.
