Robinhood's corporate communications department reached out to ZeroHedge via email on Tuesday morning to resolve speculation the app crashed because of "leap year" coding:
"I'm on the comms team at Robinhood and wanted to confirm on background that the outage you covered was not caused by a failure to code for Leap Year. We had instability in a part of our infrastructure that allows our systems to communicate with each other. This resulted in outages across many of our services, preventing customers from using our app, website, and help center," Robinhood's Corporate Communications said.
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Update (March 3):
Millennials using online brokerage platform Robinhood can finally breathe a sign of relief, after 24 hours of not being able to buy or sell, the company has now restored the app after a "glitch."
"When it comes to your money, issues like this are not acceptable," Robinhood said in a statement Tuesday morning. "We realize we let you down, and our team is committed to improving your experience."
Speculation has it that the app went down because of "leap year" coding issues...
BREAKING: The reason Robinhood was down all day was because they didn’t code for leap year. Code was fetching data from 3/3/2020. See nerd language below: pic.twitter.com/30zojrkDCQ— Robinhood Class Action (@ClassRobinhood) March 2, 2020
Does this mean selling will resume?
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Last week it was Fidelity shutting down, not allowing investors to trade during the historic market crash, now Robinhood trading app, popularized by millennials, has experienced trading issues on Monday morning.
"We are experiencing a system-wide outage. We are working to resolve this issue as soon as possible," the company said.
Millennials are freaking out on Twitter as their accounts are frozen and the market is dropping again.
@Robinhood is a joke. One of the biggest trading Mondays in recent history and the app is completely down and crashed since opening bell. People are losing THOUSANDS over this nonsense.— Vivek Sevak _TLSM (@vivek_sevak_313) March 2, 2020
@RobinhoodApp hey what’s going on? Can’t make buys or anything with Robinhood? I’m loosing money— Son of Shepard (@SonOfShepard_) March 2, 2020
Wow, it’s crazy @RobinhoodApp has been down on both it’s app and website. Can’t close opened positions. I swear the last time I use this app. This is not the First time this has happened . #robinhood app crash— Optionslatte (@optionslatte) March 2, 2020
Millennials are watching their accounts dive into the red this morning with zero ability to buy or sell - could this trigger a mass exodus from the app?
I am officially done with your horrific product. You do realize that seconds actually matter on the market and we can't see anything. Thanks for nothing. @RobinhoodApp— Ashley with an A (@ItsMeAshleyWee) March 2, 2020
And how are these millennial traders going to survive if they can't sell their long positions?
Google search trend "robinhood down" started to erupt across the country around 0924 ET:
Isn't it odd that brokerage accounts experience "glitches" as the market goes down? It's almost like they don't want investors to sell.