Buzz
This morning, Robinhood's investment app went offline for trading amidst one of the most turbulent stock market mornings in recent memory. The S&P 500 plummeted so quickly after the New York Stock Exchange opened that it caused a 'limit down' pause, the first of its kind since 2008.
A company tweet indicated that the team was investigating the issue and that users could track updates on Robinhood's status page.
Within 30 minutes, another tweet confirmed that trading had been 'partially restored.'
By 3:30 p.m. EDT, the platform had been fully restored. A company representative mentioned that the issue is under investigation, though it is not believed to be related to previous outages.
A Robinhood representative shared this statement via email:
This morning, trading on our platform was temporarily unavailable. We understand that this disruption was frustrating for our users, particularly after last week's incidents and on a day when the market-wide trading halt occurred. Our platform is now completely operational, and we're working diligently to enhance our service during these volatile and unprecedented market conditions.
The app faced outages on Monday and Tuesday last week as the market began to recover from the February 27 drop caused by coronavirus concerns. As the market rose ahead of a Federal Reserve rate cut announcement, some users found themselves locked out of their Robinhood accounts.
Robinhood attributed the outage to high traffic and market conditions. While no specific compensation for free app users was announced, the company did offer a three-month credit to Gold subscribers.
