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“American corporations have turned out to be a wonderful place for people to put their money and save but they also make terrific gambling chips,” Buffett said Saturday. Omar Marques/SOPA Images/LightRocket via Getty Images Robinhood pioneered “free trading” in the stock market. The broker is then paid a small fee for the shares that are routed, which can add up to millions when customers trade actively. Market makers, such as Citadel Securities, pay Robinhood and other online brokers for the right to execute customer trades. The practice, while common, has often been criticized for its lack of transparency. Instead, the app relies on a practice called payment for order flow as its profit engine. The app has made trading more accessible to younger people and those with less cash on hand by eliminating commission fees. Robinhood, which pioneered “free trading,” bills itself as a democratizer of the stock market. He added that there’s “nothing illegal to it, there’s nothing immoral, but I don’t think you build a society around people doing it.” Robinhood has “become a very significant part of the casino aspect, the casino group, that has joined into the stock market in the last year or year and a half,” Buffett said at Berkshire Hathaway’s annual meeting on Saturday. Legendary investor and Berkshire Hathaway CEO Warren Buffett slammed stock-trading app Robinhood - saying it’s turning the market into a casino. Robinhood to slash 7% of full-time workforce in latest layoffs

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