NY charity Robin Hood receives undue flak from individuals indignant at Robinhood buying and selling app, finds ‘silver lining’ in new supporters

Wes Moore has spent a while patiently explaining on-line how the charity he heads has nothing to do with a sure inventory buying and selling app now hated by many. However there’s a glad ending to this case of mistaken identification.

The Robin Hood Basis has a proud historical past of combating poverty in New York Metropolis for greater than three many years. Just lately, nevertheless, it discovered itself on the receiving finish of public ire for no good purpose in any respect. The title of the legendary folks hero who robbed the wealthy and gave to the poor has had some actually dangerous publicity this week.

The anger was really directed at Robinhood app, which landed in sizzling water amid the GameStop craze. The commission-free app was the primary means for members of Reddit’s WallStreetBets discussion board to purchase into GameStop inventory.

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Giant quick sellers gambled that these shares would tank, however small-dollar traders utilizing the platform disagreed and purchased into them en masse, pushing the worth up as a substitute. The ban was broadly perceived as blatant manipulation of the market, geared toward defending massive hedge funds from struggling monetary loss.

Each the charity and its CEO Wes Moore needed to clarify to individuals on-line that, regardless of the title similarity, they don’t have anything to do with the much-loathed app.

It seems to be such as you put loads of work into this, so I’m sorry to let you recognize I’m not the CEO of the @RobinhoodApp. I run @RobinHoodNYC, one of many largest anti-poverty nonprofits within the nation. We’re utterly unaffiliated. https://t.co/66ZE9GQsRP

— Wes Moore (@iamwesmoore) January 28, 2021

Are you able to right this? I by no means mentioned this, as a result of I’m not the CEO of the funding app.

I’m the CEO of @RobinHoodNYC, one of many largest antipoverty nonprofits within the U.S. https://t.co/lFD4S2unW0

— Wes Moore (@iamwesmoore) January 29, 2021

Earlier than you proceed to harass me on right here, somebody ought to inform you I’m the CEO of the antipoverty nonprofit @robinhoodnyc. It has nothing to do with the @RobinhoodApp … https://t.co/FCwaG11pAp

— Wes Moore (@iamwesmoore) January 28, 2021

It seems that on this case, issues turned out for good. The charity mentioned that because of the confusion it has “a brand new wave of supporters” for the trigger, which hopefully means will probably be capable of assist extra New Yorkers struggling to place meals on their tables.

The silver lining of the title confusion is that we get to welcome a brand new wave of supporters to Robin Hood. Thanks. Your generosity helps New Yorkers who want us most as we navigate the highway to our metropolis’s restoration.

— Robin Hood (@RobinHoodNYC) January 30, 2021

The charity shouldn’t be the one group to have acquired elevated public consideration amid the inventory market controversy. The World Broad Robin Hood Society – devoted to the legacy of the Sherwood highwayman – welcomed many new followers, too. These turning to them to purchase shares, although, could not like what they’ve to supply.

To be clear, that is the closest we've come to promoting shares! pic.twitter.com/2NJ84h4aHW

— Robin Hood (@robinhood) January 29, 2021

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