L5 SWE, TC $450k TL;DR I went in big on HOOD post-IPO and am currently down ~50%, within range of $100k unrealized loss. How I got here: I interviewed and got an offer there in 2018 and almost chose HOOD over GOOG but they wouldn't give me enough equity (I would have been employee #215 and was either looking to work my @$$ off and retire in 4 years or just enjoy life immediately at Goog). Loved their energy, vision (to democratize finance), interesting combination of engineering and finance problems, and the *incredibly* talented team (at the time)... Even though I didn't join, I drank the kool-aid. I always saw way beyond just their stock trading app. Obviously this clouded my vision (not to mention getting even more cocky when the stock peaked at $85.. I held "knowing" it'd be worth more someday). My intention was a long term play, "set and forget". Deleted all my trading apps for a while and haven't stayed on top of things. Noticing the stock drop below $10 yesterday really got me worried. Obviously the entire market is down right now but I decided to jump on here and take time to read through recent posts/comments here by Robinhood employees to get a sense of how things are going internally. I'm quite worried with what I've found, which in summary is: - Lack of trust in (a seemingly top-down, opaque, dysfunctional and tone-deaf) leadership that's unwilling to step down/replace itself - Extremely low morale - Bleeding talent - No end in sight / no light at the end of the tunnel - Directionless/incoherent product vision/strategy - Expecting stock to drop to $5 - Discouraging others here from joining the company (the words "run away" was used multiple times) - Toxic culture (from some older posts) I don't care much for media headlines, reddit sentiment, etc (obviously), but if HOOD employees themselves are giving up, leadership is unwilling to change, and the product is going nowhere, feels like this really could be game over. What's the right move here? Hoping to hear from some HOOD buddies. I'm OK with continuing to hold long term if there is a decent chance it'll rebound at some point.
Chill, $100k loss on google salary is peanuts
🙄
It's not done falling yet. What value does it really provide compared to the big trading houses? All hype, no substance. I'd drop it.
Excellent UI - super easy to use. 3.5% margin rate. No trading fee. Support crypto.
Would you buy it today knowing what you know? If not, take the L and the tax loss
Realize your losses, go play somewhere else.
If you live by the sword, be ready to be killed by it to. I think hood will get back but it needs something more than free trading. That's no longer a differentiation. With that said I don't know if and when they will ever get back to same level of value any time in the next 5 years. I think you can use this for loss harvesting in the next few years based on how well the rest of the portfolio does and use this to offset the tax bill then. Good rule of thumb, never buy when company ipos. Let them show their mettle for 2 to 4 quarters as a public company. IPO is for early investors to exit out at your expense
A lot of companies don’t scale. Look at GoPro. You have to look at the CEO at times and see how big they dream.
What if you can buy the pre ipo price?
It is another WISH! Shrinking revenue and shrinking user base.
Just leave it in and forget about it
We’re talking about Robinhood here.
Lol
It's already at rock bottom, why not HODL? Even if the chance is small, what if things get turned around? I know some talented people still working there. What if Tesla had sold to Google a decade ago when things were bleak?
Here’s what I say - HODL until HOOD becomes the meme stock. That would be frikking ironical!#yolo
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Don’t buy high, sell low
For a lot of stocks this pandemic we will never reach the price in pandemic again.
@robinhood that’s true. Same thing happened in dot com bubble too. For example cisco.. it still hasn’t reached to dot com level prices.