As a reply for the claims of Munger, Robinhood said their vision, “If the last year has taught us anything, it is that people are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing. And at Robinhood, we’re not going to sit back while they disparage everyday people for taking control of their financial lives.”

O’Leary called Robinhood a “misunderstood platform.”

“I think what both Warren and Charlie may not have considered is Robinhood, with its 20-plus million accounts, has done a great service for people who never invested in a stock before,” he added.