This is one of the many stories in which Robinhood has proven to be a tool for the rise and demise of retail investors. With Robinhood’s interface not clarifying the negative balance would be offset by the rest of the puts he owned and the customer service automatic inquiry not clarifying the situation, Kearns, in a state of panic, decided to escape his guilt by committing suicide. Making a spread trade on a Russell 2000 Stock Index, he woke up the next day to a negative balance of $730,000, greater than the value of the assets he had held and deposited. ![]() However, it wasn’t until the summer that his lack of advanced securities experience caught up with him. ![]() In the spring of 2020, Alex Kearns, a 20-year-old University of Nebraska student who had traded on Robinhood for two years, began diving deeper into investing, taking on a new financial challenge: option trading.
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