Robinhood Markets Explained

Robinhood Markets, Inc.
Type:Public
Industry:Financial services
Hq Location City:Menlo Park, California
Hq Location Country:U.S.
Key People:Vladimir Tenev (CEO)
Num Employees: (2023)
Footnotes:[1]

Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California. The company provides an electronic trading platform accessible via mobile app that facilitates commission-free trades of stocks, exchange-traded funds and cryptocurrency, as well as cryptocurrency wallets, credit cards and other banking services.[1] The company's revenue comes primarily from payment for order flow (53% of Q1 2024 revenues), net interest income (primarily from margin lending, interest earned on customers' cash balances, and credit cards; 41% of Q1 2024 revenues), and subscription fees (6% of Q1 2024 revenues).[1] The company has 23.9 million funded customers, 13.7 million monthly active users, and $130 billion in assets under custody.[2]

The company is named after Robin Hood, based on its mission to "provide everyone with access to the financial markets, not just the wealthy", with no commissions or minimum account balances. The company has been credited for forcing the elimination of trading fees by several stockbrokers.[3] [4] [5] [6] Robinhood has targeted millennials as customers; in 2022, the average age of its customers was 32.[7]

As the majority of the company's revenues are from payment for order flow, described as a kickback, the company has been criticized for routing orders to market makers that pay the most instead of those that offer the best order execution. It has also been criticized for undisclosed markups on cryptocurrency transactions.

History

Robinhood was founded in April 2013 by Vladimir Tenev and Baiju Bhatt, who had previously built high-frequency trading platforms for financial institutions in New York City.[8] They aimed to design a mobile app that was free, easy to use, and addictive.[9]

The founders presented the mobile app at LA Hacks in April 2014 and launched a beta release later that year. The mobile app was launched officially in March 2015.[10] [11] [12]

In February 2018, the company announced that it would be moving its headquarters from Palo Alto to the former headquarters of Sunset magazine in Menlo Park.[13]

In the second quarter of 2020, during the 2020 stock market crash, compared to the first quarter of 2020, trading volumes increased 139%, more than any other major brokerage.[9]

In March 2024, Robinhood launched service in the United Kingdom.[14] [15] [16]

In April 2024, Robinhood launched Sherwood News, a news website.[17]

Acquisitions

In August 2021, Robinhood acquired Say Technologies, which helps shareholders vote proxies and ask questions of management, for $140 million.[18]

In December 2021, Robinhood acquired Cove Markets, a developer of cryptocurrency trading platforms.[19]

In June 2023, Robinhood acquired X1, a credit card issuance startup that offers a no-fee, income-based credit card with rewards, for $95 million, which was rebranded as Robinhood Card.[20] [21]

In December 2023, Robinhood acquired Chartr, a publisher of a daily financial newsletter.[22]

In March 2024, Robinhood acquired Marex FCM, a US futures executing broker, with the goal of offering trading in futures contracts.[23]

Layoffs history

In April 2022, Robinhood cut its workforce by 9%.[24] In August that year, the company announced additional layoffs of 23% of its workforce, mostly in operations, marketing and program management.[25] [26]

In June 2023, Robinhood announced layoffs of 150 employees or about 7% of its staff.[27] [28]

Financing history

In September 2014, Robinhood raised $13 million, bringing its total equity financing to $16 million. Investors included Index Ventures, Ribbit Capital, Howard Lindzon, Aaron Levie, Dave Morin, Jared Leto, Snoop Dogg, and Nas.[29] [30]

In May 2015, the company raised $50 million in a Series B round led by New Enterprise Associates.[31] [32] [33] [34]

In April 2017, Robinhood raised $110 million in a Series C round at a $1.3 billion valuation, bringing its total funding raised to $176 million. Investors included Yuri Milner of DST Global, Greenoaks Capital, and Thrive Capital.[35] [36] [37]

In May 2018, Robinhood closed a $363 million Series D financing round led by DST Global, bringing its total equity funding to $539 million.[38] [39]

In July 2019, Robinhood raised $323 million in a Series E venture funding round led by DST Global.[40]

In May 2020, Robinhood raised $280 million in a Series F venture funding round led by Sequoia Capital at a pre-money valuation of $8.3 billion.[41] [42] [43]

In August 2020, the company announced a $200 million Series G funding round from a new investor, D1 Capital Partners.[44] [45] [46] [47]

The company became a public company via an initial public offering on the Nasdaq on July 29, 2021.[48] [49] [50]

In November 2022, as part of the bankruptcy of FTX, the U.S. government seized the 7.6% stake in Robinhood owned by Alameda Research, which were used as partial collateral for a transfer of at least $4 billion from FTX. The shares were sold back to Robinhood for $605 million, or $10.96 per share.[51] [52] [53]

Products

Stock and ETF trading

Robinhood's first product was commission-free trades of stocks and exchange-traded funds.

The company added functionality including instant deposits in February 2016,[54] [55] margin trading and market analytics via a subscription business model called Robinhood Gold in September 2016,[56] options trading in December 2017,[57] [58] trading in american depositary receipts in August 2018,[59] support for purchasing fractional shares and dividend reinvestment plans in December 2019,[60] [61] systematic investment plans in May 2020,[62] access to initial public offering (IPO) shares in May 2021,[63] extended-hours trading in March 2022,[64] securities lending in May 2022,[65] and individual retirement accounts in January 2023.[66] [67] [68] [69]

Cryptocurrency trading

In February 2018, after amassing a waitlist of over 2 million customers, Robinhood launched commission-free cryptocurrency trading of Bitcoin and Ethereum in several states; availability was expanded later that year. By 2021, cryptocurrency trading was available in every U.S. state except Hawaii and Nevada.[70] [71] [72] [73]

By 2021, the company added trading for Bitcoin Cash, Dogecoin, Ethereum Classic, and Litecoin.[74] In September 2021, automatic recurring investments in cryptocurrency was introduced.[75] [76]

In April 2022, after amassing a waitlist of over 2 million customers, Robinhood issued cryptocurrency wallets to those on the waitlist, and added trading for Shiba Inu, Solana, Compound, Chainlink and Polygon.[77] [78]

Also in April 2022, the company announced integration of Bitcoin's Lightning Network to enable faster transactions involving the cryptocurrency.[79]

In April 2023, Robinhood launched Robinhood Connect, allowing users to trade cryptocurrency using other cryptocurrency wallets.[80]

In June 2023, Robinhood delisted Solana, Cardano and Polygon after the U.S. Securities and Exchange Commission determined that they are unregistered securities and subject to additional regulations.[81] [82]

In December 2023, Robinhood expanded its cryptocurrency trading to the European Union.[83] [84] [85] [86]

Robinhood received a Wells notice from the U.S. Securities and Exchange Commission in May 2024 alleging that the company had violated securities laws over crypto tokens traded on its platform; Robinhood countered that cryptocurrencies are not securities and are not covered by securities laws.[87]

Banking

In December 2018, Robinhood launched a waitlist to sign up for new transaction accounts and savings accounts, including debit cards, with market-leading interest rates, which it claimed would be insured by the Securities Investor Protection Corporation (SIPC). However, after the SIPC said that it had not been contacted by Robinhood and that the accounts would not be insured, the company was forced to suspend sign-ups for the new accounts.[88] [89] [90]

The accounts were finally launched with insurance from the Federal Deposit Insurance Corporation in December 2019.[91] [92] In March 2022, Robinhood launched the Robinhood Cash Card, a debit card that allows users to round up purchases and automatically invest the additional amount in stocks and cryptocurrency.[93]

Controversies

Payment for order flow and order execution

Robinhood receives most of its revenue from payment for order flow and relies on this source of revenue more than its rivals. This has been criticized as a "backdoor commission".[1] [94] [95] [96] It has also been criticized for undisclosed markups on cryptocurrency transactions.

The Financial Industry Regulatory Authority fined Robinhood $1.25 million in December 2019 for failing to ensure that its customers received the best price for orders, instead routing orders based on payments that it receives from market makers.[97] [98]

In December 2020, Robinhood was sued in a class action lawsuit for failing to disclose to customers that it received payment for order flow.[99]

That month, the company paid $65 million to settle accusations by the U.S. Securities and Exchange Commission that it failed to disclose these kickbacks, that Robinhood customers' orders were executed at prices that were inferior to other brokers' prices, and that Robinhood made false and misleading statements to the contrary.[100]

Lack of product availability

The company does not offer trading in mutual funds and bonds.[101]

Robinhood has prohibited its users from purchasing some high-risk penny stocks, such as banning purchases of Helios and Matheson Analytics, the owner of MoviePass, in August 2018.[102]

The company also has significant restrictions for trading in options on their expiration dates.[103]

Access to only low-quality IPOs

Robinhood began offering its clients access to initial public offering (IPO) shares in May 2021.[63] However, by November 2022, all 23 of the IPOs which Robinhood customers had access to had declined by over 10%.[104]

Security breaches (2019-2021)

In July 2019, Robinhood admitted to storing some customer passwords in an unencrypted cleartext format.[105]

In October 2020, Robinhood found that almost 2,000 Robinhood accounts were compromised and that the hackers had siphoned off customer funds.[106]

In November 2021, a voice phishing scheme on a Robinhood employee resulted in about 5 million customers having their email addresses stolen, 2 million customers' having their full names disclosed and three hundred customers having their dates of birth disclosed.[107] It is believed that Conor Brian Fitzpatrick, owner of BreachForums, who was responsible for the 2021 FBI email hack and was arrested in March 2023, was responsible for the breach.[108] [109]

Infinite leverage glitch (November 2019)

In November 2019, a user on the r/WallStreetBets subreddit shared a glitch that allowed Robinhood Gold users to borrow unlimited funds via selling covered calls where the shares had been bought using leverage, and the premium from the call was used to access additional leverage to buy more shares in order to sell more calls and so on. The loophole was closed shortly thereafter and the accounts that exploited it were suspended; however, by then some accounts recorded six figure losses by using what WallStreetBets users dubbed the "infinite money cheat code."[110] [111] [112]

Mobile app outages (March 2020)

On Monday, March 2, 2020, during the COVID-19 pandemic, likely due to high trading volumes, Robinhood suffered a systemwide, all-day outage that prevented users from accessing the mobile app during the largest daily point gain of the Dow Jones Industrial Average since 2009 and a day when the S&P 500 climbed more than 4.6%.[113] [114] [115] Robinhood offered compensation on a case-by-case basis.[116] Robinhood experienced another major systemwide outage on March 9.[117] In late June 2021, Robinhood was fined $57 million by the Financial Industry Regulatory Authority (FINRA) and was ordered to pay $13 million in restitution to clients affected by outages and misleading communications in March 2020 in the largest penalty ever issued by the agency.[118] In March 2023, the company agreed to pay $10 million to settle class action lawsuits regarding trading losses due to the outages.[119] [120] [121]

Suicide of Alexander E. Kearns (June 2020)

In June 2020, 20-year old University of Nebraska student Alexander E. Kearns committed suicide after seeing a negative cash balance of in his Robinhood margin trading account after the expiration, exercize, and assignment of options positions, likely a bull spread. It was later discovered that this balance was not complete as it did not reflect settlement of an offsetting position.[122] In his suicide note, Kearns accused Robinhood of allowing him to take too much risk.[123] The company also was criticized for not responding timely to inquiries by Kearns about the negative balance. Robinhood revamped its options offering, including offering additional guidance and requiring additional criteria and education for customers seeking authorization to trade options.[124] [125] [126] [127] Kearns' family filed and later settled a wrongful death lawsuit with the company.[128]

Violation of anti-money laundering rules (August 2022)

In August 2022, Robinhood's cryptocurrency division was fined $30 million by the New York State Department of Financial Services for allegedly violating anti-money-laundering and cybersecurity regulations, in the department's first cryptocurrency-related enforcement action.[129]

Bankruptcy tag added to AMC stock ticker (May 2023)

On May 1, 2023, Robinhood added a bankruptcy tag to AMC Theatres stock for three minutes.[130] AMC chairman and CEO Adam Aron said he was considering suing Robinhood for its "incomprehensible incompetence".[131]

Gamification accusations (December 2020)

On December 16, 2020, the Securities Division of the Massachusetts Secretary of the Commonwealth filed an administrative complaint alleging violation of state securities laws by "marketing itself to Massachusetts investors without regard for the best interests of its customers and failing to maintain the infrastructures and procedures necessary to meet the demands of its rapidly growing customer base" and that Robinhood exploits novice investors with gamification.[132] [133] In March 2022, in a win for Robinhood, the Suffolk County Superior Court declared that the new fiduciary duty rule underlying parts of the case was invalid.[134] In February 2024, the company paid $7.5 million and agreed to overhaul its digital engagement practices to settle the remaining claims.[135]

GameStop short squeeze and possible insolvency (January 2021)

See main article: GameStop short squeeze. On January 28, 2021, Robinhood (and later Webull[136]) restricted the trading of certain stocks, most notably GameStop, to meet collateral requirements at its clearing house, the National Securities Clearing Corporation, following an effort by users of the r/wallstreetbets subreddit to drive up share prices.[137] [138] [139] Robinhood faced an increase in its collateral requirement from $700 million to $3.7 billion, later reduced to $1.4 billion, and the inability to meet this requirement may have resulted in insolvency in a matter similar to the bankruptcy of Lehman Brothers. Robinhood was able to quickly raise funds to meet the reduced requirements.[140] [141] The company began once again allowing trading in the affected stocks on January 29.[142]

The decision to halt trading was criticized by customers[143] [144] as well as politicians including Ted Cruz and Alexandria Ocasio-Cortez.[145] [146] [147] The House Committee on Financial Services questioned Robinhood CEO Vladimir Tenev during a hearing on February 18, 2021.[148]

Following the controversy, the Robinhood mobile app was review bombed on the Google Play app store.[149] Google deleted at least 100,000 such reviews, calling them "coordinated or inorganic".[150] [151] However, after additional negative reviews on the app that resulted in a 1.1-star rating, Google confirmed that the new reviews do not violate Google policies and will not be removed.[152]

Protests were held outside Robinhood headquarters in Menlo Park, California, at the U.S. Securities and Exchange Commission headquarters in Washington, D.C., and the New York Stock Exchange.[153]

On January 28, 2021, a class-action lawsuit against Robinhood was filed in the Southern District of New York alleging market manipulation and collusion with market maker Citadel Securities to deprive investors of the ability to invest in the open market in violation of Section 1 of the Sherman Antitrust Act, which prohibits agreements in restraint of trade.[154] [155] The case was dismissed by the Miami federal court in November 2021 on the grounds that the plaintiffs fell short of providing direct evidence of an antitrust conspiracy and that its terms of service allowed the company to prohibit trading by customers.[156] The lawsuit was amended and the decision was appealed, with the plaintiffs seeking $10 billion in damages.[157]

Notes and References

  1. Web site: Robinhood Markets, Inc. 2023 Annual Report (Form 10-K) . February 27, 2024 . U.S. Securities and Exchange Commission.
  2. Robinhood Reports First Quarter 2024 Results . . May 8, 2024.
  3. News: Lookout, Robinhood. E*Trade, Schwab, Ameritrade go zero-fee . Josh . Constine . . October 2, 2019.
  4. News: Fitzgerald . Maggie . October 1, 2019 . Charles Schwab is ending commissions on stock trading and the brokerage shares are tanking . . https://web.archive.org/web/20191106150809/https://www.cnbc.com/2019/10/01/charles-schwab-is-eliminating-online-commissions-for-trading-in-us-stocks-and-etfs.html . November 6, 2019 . live.
  5. News: Schwab Cuts Fees on Online Stock Trades to Zero, Rattling Rivals . Beilfuss . Alexander . Osipovich . Lisa . . October 1, 2019 . subscription . https://web.archive.org/web/20191105072253/https://www.wsj.com/articles/charles-schwab-ending-online-trading-commissions-on-u-s-listed-products-11569935983 . November 5, 2019 . live.
  6. Famed Investor Charles Schwab on The David Rubenstein Show . David . Rubenstein . . February 20, 2020.
  7. News: Robinhood’s New Index Gives Insight Into Younger Investors . Alexander . Osipovich . . September 12, 2022.
  8. News: Behind The Label: Robinhood . KEVIN . LEVICK . . August 6, 2021.
  9. News: The Inside Story Of Robinhood’s Billionaire Founders, Option Kid Cowboys And The Wall Street Sharks That Feed On Them . Jeff . Kauflin . . August 19, 2020 . limited.
  10. News: Forget $10 Trades, Meet Robinhood: New Brokerage Targets Millennials With Little Cash . Touryalai . Halah . . February 26, 2014 . https://web.archive.org/web/20140912013656/http://www.forbes.com/sites/halahtouryalai/2014/02/26/forget-10-trades-meet-robinhood-new-brokerage-targets-millennials-with-little-cash/ . September 12, 2014 . live.
  11. News: With No Frills and No Commissions, Robinhood App Takes On Big Brokerages . live . MORRISSEY . JANET . . February 18, 2017 . subscription . https://web.archive.org/web/20170219134010/https://www.nytimes.com/2017/02/18/business/robinhood-stock-trading-app.html . February 19, 2017.
  12. News: Long . Heather . New Robinhood app offers free trading. Millennials jump in . . March 12, 2015 . https://web.archive.org/web/20190717221609/https://money.cnn.com/2015/03/12/investing/robinhood-app-free-trading-millennials/index.html . July 17, 2019 . live.
  13. News: Fintech Robinhood leaving Palo Alto for new HQ in former Sunset Magazine site . Calvey . Mark . . February 23, 2018 . subscription.
  14. News: Robinhood launches to UK customers . Elliot . Gulliver-Needham . . March 19, 2024.
  15. News: Robinhood opens up UK arm . KALPANA . FITZPATRICK . . March 19, 2024.
  16. News: Robinhood Rolls Out App in UK, Pauses Margin Lending Addition . Lyla . Du . Aisha S. . Gani . . March 18, 2024.
  17. News: Robinhood launches site for new media arm . Sara . Fischer . . April 9, 2024.
  18. News: Robinhood buys Say Technologies for $140M to improve shareholder-company relations . Alex . Wilhelm . . August 10, 2021.
  19. News: Robinhood acquires cryptocurrency trading platform developer Cove Markets . Nicole-Anne . Lagrimas . . December 16, 2021.
  20. News: Robinhood to buy fintech firm X1 . Manya . Saini . . June 22, 2023 . limited.
  21. News: Robinhood to Buy Credit Card Company X1 for $95 Million . . June 22, 2023.
  22. News: Robinhood acquires Chartr as it expands media portfolio . Sara . Fischer . . December 26, 2023.
  23. News: Robinhood buys Marex FCM as futures entry takes shape . Bernard . Goyder . Risk.net . March 18, 2024.
  24. News: Robinhood to lay off 9% of full-time employees . Christine . Hall . Alex . Wilhelm . . April 26, 2022.
  25. News: Robinhood cutting about 23% of jobs, releases second quarter earnings . Capoot . Ashley . . August 2, 2022.
  26. News: Robinhood cuts 23% of its workforce in a second round layoffs affecting more than 800 jobs . Avery . Hartmans . . August 2, 2022.
  27. News: S.F. tech layoffs: Uber, Robinhood and two other companies cut hundreds of jobs . Li . Roland . . June 27, 2023 . subscription.
  28. News: Robinhood is slashing another 7% of its staff . Max A. . Cherney . . June 27, 2023 . subscription.
  29. News: With $13 Million, Robinhood Aims to Share the Stock-Trade Wealth . Gannes . Liz . . September 23, 2014.
  30. News: Robinhood Raises $13M To Democratize Stock Market With Zero-Commission Trading App . Constine . Josh . . September 23, 2014 . https://web.archive.org/web/20170318085217/https://techcrunch.com/2014/09/23/robinhood-stock-app/ . March 18, 2017 . live.
  31. News: Robinhood, an app backed by Snoop Dogg and Marc Andreessen that lets you buy and sell stocks without a fee, just raised $50 million . Maya . Kosoff . . May 7, 2015.
  32. News: Robinhood, the app for no-commission stock trading, rakes in $50 million . KIA . KOKALITCHEVA . . May 7, 2015.
  33. News: Zero-Fee Stock Trading App Robinhood Nabs $50M From NEA To Go Global . Josh . Constine . . May 7, 2015.
  34. News: Mobile Stock-Trading App Robinhood Raises $50 Million . Matthew . Zeitlin . . May 7, 2015.
  35. News: Trading startup Robinhood raises $110 million in new funding round . Irrera . Anna . April 26, 2017 . . https://web.archive.org/web/20180828001809/https://www.reuters.com/article/us-robinhood-investment/trading-startup-robinhood-raises-110-million-in-new-funding-round-idUSKBN17S1WV . August 28, 2018 . live.
  36. News: Robinhood's Stock Trading App Is Valued at $1.3 Billion . McBride . Sarah . April 26, 2017 . . subscription . https://web.archive.org/web/20170514021529/https://www.bloomberg.com/news/articles/2017-04-26/robinhood-s-stock-trading-app-is-valued-at-1-3-billion . May 14, 2017 . live.
  37. News: Robinhood stock-trading app confirms $110M raise at $1.3B valuation . Constine . Josh . . April 26, 2017 . https://web.archive.org/web/20180406140154/https://techcrunch.com/2017/04/26/robincorn/ . April 6, 2018 . live.
  38. News: Free stock trading app Robinhood rockets to a $5.6B valuation with new funding round . Lynley . Matthew . . May 10, 2018 . https://web.archive.org/web/20190411211646/https://techcrunch.com/2018/05/10/robinhood-rockets-to-a-5-6b-valuation-with-a-massive-new-funding-round/ . April 11, 2019 . live.
  39. News: Robinhood raises $363 million to move beyond no-fee trading . Dan . Primack . . May 10, 2018.
  40. News: Robinhood lands a $7.6 billion valuation after recent funding round . Kate . Rooney . . July 22, 2019.
  41. News: Roberts . Jeff John . Robinhood raises $280 million in push for global expansion . . May 4, 2020.
  42. News: Robinhood just raised a $280 million round of funding led by Sequoia Capital, making it worth over $8 billion . Dan . DeFrancesco . . May 4, 2020.
  43. News: Fintech startup Robinhood raises fresh funds at $8.3 billion valuation . C . Nivedita . . May 4, 2020.
  44. News: Robinhood raises $200M as IPO speculation swirls . Roberts . Jeff John . . August 17, 2020.
  45. News: Robinhood Now Valued at $11.2 Billion With New Fund Backing . Sonali . Basak . . August 17, 2020 . subscription.
  46. News: Robinhood Raises $200 Million From Investors . . August 17, 2020 . limited.
  47. News: Robinhood Now Valued at $11.2 Billion After Latest Funding Round . Avi . Salzman . . August 17, 2020.
  48. News: Robinhood drops 5% in stock trading app's Nasdaq debut . Fitzgerald . Maggie . . July 29, 2021.
  49. News: Robinhood Stock Steadies After an Early Tumble . Beltran . Luisa . . July 28, 2021.
  50. News: Is Robinhood Stock A Buy Right Now After Plunging On Q3 Earnings? . SCOTT . LEHTONEN . . January 28, 2022.
  51. News: Exclusive: Behind FTExclusive: Behind FTX's fall, battling billionaires and a failed bid to save crypto . Berwick . Angus . Wilson . Tom . November 10, 2022 . limited.
  52. News: Robinhood seeking to buy back stock seized from FTX founder Sam Bankman-Fried . Hughes . Jennifer . . February 8, 2023.
  53. News: Robinhood to buy back Bankman-Fried's stake from US govt for $605.7 million . Saini . Manya . Lang . Hannah . . September 1, 2023 . limited.
  54. News: Robinhood Ditches 3-Day Wait, Fronts New Users $1000 To Buy Stocks . Josh . Constine . . February 23, 2016.
  55. News: Get Instant Gratification With This Millennial-Friendly Stock Investing App . KIA . KOKALITCHEVA . . February 23, 2016.
  56. News: Free stock trade app Robinhood monetizes with $10/month to buy on credit . Josh . Constine . . September 29, 2016.
  57. Robinhood Launches Commission-Free Options Trading . . December 13, 2017.
  58. News: Robinhood is launching a free options trading product for its users . Frank . Chaparro . . December 13, 2017.
  59. News: Robinhood gives investors international targets to aim for with launch of ADR products . Jonathan . Shieber . . August 28, 2018.
  60. News: Rooney . Kate . . Robinhood joins a wave of fractional stock-trading offers to bring investing to the masses . December 12, 2019 . https://web.archive.org/web/20191212183445/https://www.cnbc.com/2019/12/12/robinhood-joins-a-wave-of-fractional-stock-trading-offers.html . December 12, 2019 . live.
  61. News: This app completely disrupted the trading industry . Matt . Egan . . December 13, 2019.
  62. News: Robinhood Launches ‘Recurring Investments’ to All Customers . Aziz . Abdel-Qader . Finance Magnates . June 10, 2020.
  63. News: Robinhood will give retail investors access to IPO shares, a longstanding Wall Street realm . Fitzgerald . Maggie . . May 20, 2021.
  64. News: Robinhood adds four additional hours to extended trading for clients . Fitzgerald . Maggie . . March 29, 2022.
  65. News: Robinhood is introducing a stock lending program. What could go wrong? . Goodkind . Nicole . . May 10, 2022.
  66. News: Robinhood introduces IRAs that will match your contributions — how does it fit into your plan for retirement? . Jasmin . Suknanan . . July 30, 2023.
  67. News: Robinhood Wants Your Retirement Money . Rudegeair . Peter . . January 12, 2023 . subscription.
  68. The Wait(list) is Over – Robinhood Retirement is Now Available to All Eligible Customers . . January 12, 2023.
  69. News: Robinhood launches retirement waitlist for first-ever IRA with a 1% match . Ivana . Pino . . December 6, 2022.
  70. News: Robinhood lures digital coin traders from Coinbase with a free service . Kevin . Parrish . . February 22, 2018 . https://web.archive.org/web/20180518054328/https://www.digitaltrends.com/computing/robinhood-crypto-commission-free-bitcoin-trading/ . May 18, 2018 . live.
  71. News: Stock trading app Robinhood to launch bitcoin, ethereum trading in five states . Cheng . Evelyn . January 25, 2018 . . https://web.archive.org/web/20180125172121/https://www.cnbc.com/2018/01/25/stock-trading-app-robinhood-to-roll-out-bitcoin-ethereum-trading.html . January 25, 2018 . live.
  72. News: Robinhood, the Investing App for Millennials, to Add Bitcoin and Other Cryptocurrencies . . Roberts . Jeff John . January 25, 2018 . https://web.archive.org/web/20180125223900/http://fortune.com/2018/01/25/bitcoin-millennials-robinhood-cryptocurrency/ . January 25, 2018 . live.
  73. News: Robinhood Opens Cryptocurrency Trading . Julie . Verhage . . February 22, 2018 . subscription . https://web.archive.org/web/20180429161130/https://www.bloomberg.com/news/articles/2018-02-22/line-gets-longer-at-robinhood-as-cryptocurrency-trading-begins . April 29, 2018 . live.
  74. News: Crypto trading on Robinhood spiked to 9.5M customers in first quarter . Mary Ann . Azevedo . . April 8, 2021.
  75. News: Robinhood to allow recurring investments in cryptos like bitcoin, ethereum and dogecoin . Blasi . Weston . . September 21, 2021 . subscription.
  76. News: Robinhood Plans to Launch a Crypto Wallet 'as Fast as Possible' . Emma . Newbery . . March 31, 2021.
  77. News: Robinhood crypto wallet: 2 million customers can now do more with their coins . Grothaus . Michael . . April 4, 2022.
  78. News: Robinhood Adds Shiba Inu, Solana, Polygon, And Compound To Its Crypto Offerings . Ehrlich . Steven . . April 12, 2022.
  79. News: Hollerith . David . Robinhood becomes latest to integrate Bitcoin's Lightning Network . . April 7, 2022.
  80. News: Robinhood to let customers buy crypto using outside wallets and apps: 'Our conviction in the future of Web3 remains strong' . . April 27, 2023.
  81. News: Robinhood to delist tokens for Solana, Cardano, and Polygon after SEC suits name them as securities . BEN . WEISS . . June 9, 2023.
  82. News: Robinhood to Delist Tokens Declared Securities by the SEC . SABRINA . TOPPA . . June 13, 2023.
  83. News: Robinhood launches crypto trading service in the EU . Ryan . Browne . . December 7, 2023.
  84. News: Robinhood expands crypto trading to more-regulated European Union . Niket . Nishant . Gnaneshwar . Rajan . Baranjot . Kaur . . December 7, 2023 . limited.
  85. News: Following UK expansion, Robinhood brings crypto trading to EU . Rita . Liao . . December 7, 2023.
  86. News: Robinhood launches EU crypto-trading app in renewed push for global expansion . Louis . Goss . . December 7, 2023 . subscription.
  87. News: Robinhood Crypto gets Wells notice from US SEC . Mehnaz . Yasmin . . May 6, 2024.
  88. News: Robinhood quietly stops users from signing up for cash accounts amid scrutiny from regulators . Jacob . Passy . . January 2, 2019 . limited . https://web.archive.org/web/20190124152228/https://www.marketwatch.com/story/robinhood-quietly-stops-users-from-signing-up-for-cash-accounts-amid-scrutiny-from-regulators-2018-12-31 . January 24, 2019 . live.
  89. News: Passy . Jacob . Robinhood tempts savers with 3% interest on checking accounts — but regulatory stop sign reveals a clumsy rollout . . December 13, 2018 . limited . https://web.archive.org/web/20191221144254/https://www.marketwatch.com/story/robinhood-tempts-savers-with-3-interest-on-checking-accounts-but-should-consumers-hand-over-their-cash-2018-12-13 . December 21, 2019 . live.
  90. News: Robinhood said to not be properly insured to offer checking & savings . Josh . Constine . . December 14, 2018 . https://web.archive.org/web/20181214190938/https://techcrunch.com/2018/12/14/robinhood-insurance-sipc/ . December 14, 2018 . live.
  91. News: Robinhood makes second attempt at launching a high-yield account similar to banks . Rooney . Kate . October 8, 2019 . . https://web.archive.org/web/20191008153705/https://www.cnbc.com/2019/10/08/robinhood-makes-second-attempt-at-launching-a-high-yield-account-similar-to-banks.html . October 8, 2019 . live.
  92. News: Peters . Jay . December 12, 2019 . Robinhood launches cash management feature a year after bungling its checking account launch . . https://web.archive.org/web/20191212192337/https://www.theverge.com/2019/12/12/21012815/robinhood-cash-management-fractional-share-trading-checking-savings-account . December 12, 2019 . live.
  93. News: Vincent . James . Robinhood's new debit card will automatically invest in stocks and crypto as you spend . . March 22, 2022.
  94. News: Foxman . Simone . Robinhood Gets Almost Half Its Revenue in Controversial Bargain With High-Speed Traders . . October 16, 2018 . subscription . https://web.archive.org/web/20190119120929/https://www.bloomberg.com/news/articles/2018-10-15/robinhood-gets-almost-half-its-revenue-in-controversial-bargain-with-high-speed-traders . January 19, 2019 . live.
  95. . CNBC: How Robinhood Makes Money . . January 16, 2019 . live . https://web.archive.org/web/20190118123354/https://www.youtube.com/watch?v=cCfRGnVuzSc . January 18, 2019.
  96. News: Why 'Free Trading' on Robinhood Isn't Really Free . Beilfuss . Alexander . Osipovich . Lisa . . November 9, 2018 . subscription . https://web.archive.org/web/20190815051722/https://www.wsj.com/articles/why-free-trading-on-robinhood-isnt-really-free-1541772001 . August 15, 2019 . live.
  97. News: Robinhood Fined $1.25 Million Over How It Routed Customer Orders . Matt . Robinson . . December 19, 2019 . subscription . https://web.archive.org/web/20200102194617/https://www.bloomberg.com/news/articles/2019-12-19/robinhood-fined-1-25-million-over-how-it-routed-customer-orders . January 2, 2020 . live.
  98. FINRA Fines Robinhood Financial, LLC $1.25 Million for Best Execution Violations . . December 19, 2019.
  99. News: Robinhood Financial Hit With Class-Action Suit for Selling Stock Orders . Peter . Blumberg . . December 24, 2020 . subscription.
  100. Web site: File No. 3-2017, In the matter of: Robinhood Financial, LLC, Respondent . . December 17, 2020.
  101. Web site: Royal . James . Robinhood Review . Bankrate.
  102. News: Robinhood shuts customers out of buying shares of MoviePass' parent company after the stock crashed more than 99.99% (HMNY) . Graham . Rapier . . August 13, 2018.
  103. News: Wall Street Brokers Are Coming for the Hot Retail-Options Trade . Lu . Wang . . February 21, 2024.
  104. News: Robinhood Gave Its Customers Access to IPOs That All Flopped . Annie . Massa . Mathieu . Benhamou . . November 8, 2022 . subscription.
  105. News: Robinhood admits to storing some passwords in cleartext . Cimpanu . Catalin . https://web.archive.org/web/20190801120638/https://www.zdnet.com/article/robinhood-admits-to-storing-some-passwords-in-cleartext/ . August 1, 2019 . . live.
  106. News: Robinhood Internal Probe Finds Hackers Hit Almost 2,000 Accounts . Alexander . Sophie . . October 15, 2020 . subscription.
  107. News: Robinhood Hack Exposes Millions of Customer Names, Email Addresses . Rudegeair . Peter . . November 8, 2021 . subscription.
  108. News: 7 million Robinhood user email addresses for sale on hacker forum . Lawrence . Abrams . . November 15, 2021.
  109. News: Feds arrest alleged BreachForums owner linked to FBI hacks . Roth . Emma . . March 18, 2023.
  110. News: 'Infinite leverage' — some Robinhood users have been trading with unlimited borrowed money . Rooney . Kate . November 5, 2019 . https://web.archive.org/web/20191108235545/https://www.cnbc.com/2019/11/05/some-robinhood-users-were-able-to-trade-with-unlimited-borrowed-money.html . November 8, 2019 . . live.
  111. News: Robinhood Traders Discovered a Glitch That Gave Them 'Infinite Leverage' . Brandon . Kochkodin . . November 5, 2019 . https://web.archive.org/web/20191211093633/https://www.bloomberg.com/news/articles/2019-11-05/robinhood-has-a-glitch-that-gives-traders-infinite-leverage . December 11, 2019 . live.
  112. News: The jig is up: Robinhood says it's closed the 'infinite leverage' loophole that allowed users to build positions worth millions . Ben . Winck . . November 7, 2019.
  113. News: Robinhood Suffers Online Outage With U.S. Stocks Rebounding . Verhage . Julie . Annie . Massa . . March 2, 2020 . subscription.
  114. News: Bloomberg - Robinhood Is Raising New Funds at About $8 Billion Value, Sources Say . Katie . Roof . . April 16, 2020 . subscription.
  115. News: Robinhood suffers prolonged outage on the day the Dow enjoyed its single biggest point gain . Jonathan . Shieber . . March 2, 2020.
  116. News: Down again, Robinhood will offer 'case-by-case' compensation for its outage on the day markets gained $1.1 trillion . Jonathan . Shieber . . March 3, 2020.
  117. News: Robinhood crippled by another major outage as markets absorb historic sell-off . Carmen . Reinicke . . March 9, 2020.
  118. News: MARKETS Robinhood to pay $70 million for outages and misleading customers, the largest-ever FINRA penalty . Fitzgerald . Maggie . . June 30, 2021.
  119. News: Robinhood might owe you money after it suffered outages in 2020. Here’s how to check . MICHAEL . GROTHAUS . . March 30, 2023.
  120. News: Robinhood to Pay $10.2 Million to Settle Service Outage Dispute . Kenneth . Corbin . . April 7, 2023.
  121. News: Robinhood to pay $10mln to settle operational deficiency charges . Hannah . Lang . Manya . Saini . . April 6, 2023 . limited.
  122. News: 20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance . Klebnikov . Sergei . . June 17, 2020.
  123. News: Young trader dies by suicide after thinking he racked up big losses on Robinhood . Khorram . Yasmin . Rooney . Kate . . June 18, 2020.
  124. News: 'He would be alive today': Parents detail son’s desperate attempts to contact Robinhood before he killed himself . Matt . Egan . . February 11, 2021.
  125. News: Alex Kearns died thinking he owed hundreds of thousands for stock market losses on Robinhood. His parents have sued over his suicide. . Tony . Dokoupil . Michael . Kaplan . Martin . Finn . Cassidy . McDonald . Jennie . Kamin . Rob . Kaplan . . February 8, 2021.
  126. News: Robinhood increases guardrails on options trading in the wake of a customer suicide . . Rooney . Kate . June 19, 2020.
  127. News: Millions Turn To Stock Trading During Pandemic, But Some See Trouble For The Young . Zarroli . Jim . . August 11, 2020 . https://web.archive.org/web/20210207234943/https://www.npr.org/2020/08/11/895054084/millions-turn-to-stock-trading-during-pandemic-but-some-see-trouble-for-the-youn . February 7, 2021 . live.
  128. News: Robinhood settles lawsuit over 20-year-old trader who died by suicide . Egan . Matt . . July 1, 2021.
  129. News: Robinhood's Crypto Unit Fined $30 Million by New York's Top Financial Regulator . Mengqi . Sun . . August 2, 2022 . subscription.
  130. News: AMC CEO Says Robinhood is 'Irresponsible' For False Bankruptcy Report . Caitlin . McCabe . . May 2, 2023.
  131. News: Robinhood mistakenly told its users that AMC had filed for bankruptcy . Glover . George . . May 2, 2023.
  132. Web site: Docket No. E-2020-0047, In the matter of: Robinhood, LLC, Respondent . . December 16, 2020.
  133. News: Massachusetts regulator accuses Robinhood of failing to protect investors . Randall . Clark . . December 16, 2020 . limited.
  134. News: In win for Robinhood, judge declares Massachusetts investment advice rule invalid . Raymond . Nate . . March 30, 2022 . limited.
  135. News: Game Over: Robinhood Pays $7.5 Million to Resolve "Gamification" Securities Violations . . February 12, 2024.
  136. News: Crowley . James . Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform . . January 28, 2021.
  137. News: Robinhood raises $1bn from investors and taps banks at end of wild week . Mackenzie . Michael . . January 29, 2021.
  138. News: The real story behind Robinhood's decision to restrict GameStop trading—and that 4am call to put up $3 billion . Roberts . Jeff John . . February 2, 2021.
  139. News: Why Did Robinhood Ground GameStop? Look at Clearing . Demos . Telis . . January 30, 2021 . subscription . 0099-9660.
  140. News: GameStop trading nearly destroyed Robinhood . Scott . Nover . . July 2, 2022.
  141. News: Robinhood, Under the Gun, Raises $2.4 Billion . Nathaniel . Popper . Michael J. . de la Merced . David . McCabe . . February 1, 2021 . limited.
  142. News: Robinhood, facing backlash, will allow limited buys on stocks it had restricted . Morrow . Allison . . January 28, 2021.
  143. News: Robinhood restricts trading in stock and options of GameStop, other names involved in frenzy . Fitzgerald . Maggie . . January 28, 2021.
  144. News: Robinhood blocks purchase of GameStop, AMC, and BlackBerry stock . Gartenberg . Chaim . . . January 28, 2021.
  145. News: 'You almost had me murdered 3 weeks ago': AOC rejects Ted Cruz's support for her criticism of Robinhood . Sheth . Sonam . Relman . Eliza . . January 28, 2021.
  146. News: AOC, Ted Cruz slam Robinhood for freezing some trades amid GameStop volatility . Taylor . Hatmaker . . January 28, 2021.
  147. News: At odds over many things, U.S. lawmakers AOC and Ted Cruz agree on Robinhood probe . Shepardson . David . . January 28, 2021.
  148. News: Robinhood and Reddit CEOs testify before House committee: Live updates . Matt . Egan . Brian . Fung . Clare . Duffy . . February 18, 2021.
  149. News: Robinhood users are revolting against the trading app after it stopped trades of GameStop . Ben . Gilbert . Allana . Akhtar . . January 28, 2021.
  150. News: Google deletes negative reviews of Robinhood app . Klar . Rebecca . . January 29, 2021.
  151. News: Google Deletes 100,000 Negative Reviews of Robinhood App From Angry Users . Novak . Matt . . January 29, 2021.
  152. News: Robinhood plummets back down to a one-star rating on Google Play . Gartenberg . Chaim . . February 1, 2021.
  153. News: Protesters gather at Robinhood HQ, SEC, NYSE . Manfredi . Lucas . January 28, 2021 . . https://web.archive.org/web/20210129022349/https://www.foxbusiness.com/markets/protesters-gather-at-robinhood-hq-nyse-in-response-to-restricted-stock-trades . January 29, 2021 . live.
  154. News: Class-action lawsuit filed against Robinhood for restricting trading . Zilbermints . Regina . . January 28, 2021.
  155. News: Robinhood Hit With Class Action Suit for Muzzling GameStop Uprising . Hodjat . Arya . . January 28, 2021.
  156. News: Robinhood, others win dismissal of meme stock 'short squeeze' lawsuit . Stempel . Jonathan . . November 30, 2021 . limited.
  157. News: Robinhood Antitrust Suit Over GameStop Losses Faces Uphill Climb . Katie . Arcieri . . October 5, 2023.

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