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Robinhood launches its first Super Bowl commercial, as the company faces a growing brand crisis. CNBC reports that the ad marks Robinhood’s biggest brand campaign and focuses on the idea that anyone can be an investor. This has been at the center of Robinhood’s message since its inception seven years ago, but recent stock restrictions have undermined the entire Robinhood brand.
Robinhood temporarily banned small investors from buying shares in companies like GameStop last week, before placing restrictions on shares associated with r / WallStreetBets – including GameStop, AMC and Nokia. The move angered thousands of Robinhood customers who were trying to buy stock, and the company’s app was bombed on the Google Play Store. While Google first tried to grab the app’s rating, it dropped back to a single star yesterday.
Robinhood is also facing dozens of lawsuits for freezing GameStop shares, and Representative Alexandria Ocasio-Cortez (D-NY) has also called on Congress to investigate the Robinhood app. Robinhood claims the restrictions were put in place because clearing houses suddenly demanded much higher deposits, but the company did not specifically explain the cryptocurrency restrictions it also put in place. square.
This new Super Bowl commercial doesn’t resolve any of the controversies surrounding Robinhood just yet, making it rather awkward. CNBC Robinhood Director of Marketing Christina Smedley reports that the ad is designed to let people know more about the app. “It felt like this was a great step for us to remind people of what we stand for and to remind people why the business was created in the first place,” says Smedley.
Robinhood disabled comments on the YouTube version of the ad, but a version on Twitter is already seeing negative responses to this new Super Bowl ad.
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