Robinhood is public enemy No. 1.
The trading app is in the midst of a brutal PR crisis for their reported role in killing the momentum of Reddit users that started by banning users from buying stocks popular with small investors like GameStop and AMC —- leading to accusations that Main Street and Wall Street play by different rules.
Their decision has forced thousands of people to file a class-action lawsuit. In the midst of all the controversy, the trading app actually thought it would be a good idea to preview its 30-second ad spot for the Super Bowl.
“You don’t need to become an investor. You were born one,” the narrator declares in ad.
Members of the increasingly popular subreddit r/wallstreetbets saw this and decided to fight back once again by starting a GoFundMe account to raise money for an anti-Robinhood ad.
The GoFundMe has $6,000,000 goal, and as of this writing, it has over $28,950!
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IF WE RAISE $6 million:
$5.5 million will buy a 30 second ad during the Superbowl and cement WSB in the history books. GoFundMe takes a cut of of $0.30+2.9%, figure that takes $6 million down to 5.808 million,
Ideally we will be able to produce the commercial with volunteers and have $300,000 cushion if ad time proves more expensive than anticipated. In the event ad space is more expensive the overage provides a cushion to ensure the project will be successful.
Any funds not used to buy or produce the ad will be donated to buy games for kids in hospitals via donation to Childs Play Charity (https://childsplaycharity.org/). If there are better charities to donate any overage to please suggest them as I’m not an expert in the field.
IF WE DO NOT RAISE $6 million but can still buy the airtime:
If we have enough to buy the ad space we will move forward even if we are short of $6 million provided we have a written commitment to sell the ad space for the amount we have.
IF WE DO NOT RAISE $6 million and can’t afford the airtime:
All money will be refunded. No funds will be withdrawn from the GoFundMe account. I am not an expert on this platform but welcome any suggestions to verify this. If money has to be spent on production (I can’t imagine for what but can’t exclude the possibility) that amount will be deducted proportionally from refunds before they are issued.
