Michael Bolton Has a Message for Robinhood Traders in a New AdBy
Just when it seemed like the drama over Robinhood Markets couldn’t get any stranger, the no-fee brokerage has attracted its most vocal critic -- or at least one willing to sing his complaints: Michael Bolton.
“I know you’ve been disappointed by your stock brokerage,” the singer-songwriter, known for his heartbreaking love songs of the early ’90s, says in a Twitter video posted Tuesday. “You might be thinking, ‘How can I ever trust again?’ Well, I know a thing or two about breakups, and I’m here to help.”
The video is a promotion for Public.com, a Robinhood competitor that allows investors to own fractional shares of stocks and exchange-traded funds. The site is superior, according to Bolton, because “they don’t sell your trades to third parties.”
He then sings his biggest hit with new lyrics: “Tell me how am I supposed to trade without you?” His musical answer, which doesn’t mention Robinhood by name: “I think it’s time I must be moving on. Gonna transfer all my stuff and I’ll be gone.”
Bolton isn’t just singing for Public.com, but uses the site as well, with holdings that include Amazon.com Inc., Apple Inc., Walt Disney Co., Peloton Interactive Inc. and Spotify Technology SA. Not listed among his holdings: GameStop Corp. Robinhood attracted criticism from U.S. lawmakers and customers after its decision to restrict trading of the video-game retailer’s shares, among other so-called meme stocks, last month.
— With assistance by Dan Wilchins