Jump to content

Robinhood Markets

Page extended-protected
From Wikipedia, the free encyclopedia
(Redirected from Sherwood News)

Robinhood Markets, Inc.
Company typePublic
IndustryFinancial services
FoundedApril 18, 2013; 11 years ago (2013-04-18)
Founders
Headquarters
Menlo Park, California
,
U.S.
Area served
  • United States
  • United Kingdom
Key people
Vladimir Tenev (CEO)
Services
RevenueIncrease US$1.865 billion (2023)
Negative increase US$−536 million (2023)
Negative increase US$−541 million (2023)
Total assetsIncrease US$32.33 billion (2023)
Total equityDecrease US$6.696 billion (2023)
Owners
Number of employees
c. 2,200 (2023)
Websiterobinhood.com
sherwood.news
Footnotes / references
[1]
Co-founder of Robinhood Vladimir Tenev speaks onstage during TechCrunch Disrupt NY 2016 at Brooklyn Cruise Terminal on May 10, 2016, in New York City.
Robinhood co-founder Baiju Bhatt (left) and moderator Josh Constine (right) speak onstage during Day 2 of TechCrunch Disrupt SF 2018 at the Moscone Center on September 6, 2018, in San Francisco, California.

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 from transaction-based revenues (including payment for order flow and markups on cryptocurrency; 50% of Q3 2024 revenues), net interest income (primarily from margin lending, interest earned on customers' cash balances, and credit cards; 43% of Q3 2024 revenues), and subscription fees (7% of Q3 2024 revenues).[2][1] The company has 24.3 million funded customers, 11.0 million monthly active users, and $152 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.[3][4] The company has been referred to as an innovator in zero-commission stock trading, as it relies on other sources of revenues.[5] Robinhood has targeted millennials as customers; in 2022, the average age of its customers was 32.[6]

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.[4] They aimed to design a mobile app that was free, easy to use, and addictive.[3][7]

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.[3][8][9]

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.[10]

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.[7]

In March 2024, Robinhood launched service in the United Kingdom.[11][12][13]

Acquisitions

In August 2021, Robinhood acquired Say Technologies, which helps shareholders vote proxies and ask questions of management, for $140 million.[14]

In December 2021, Robinhood acquired Cove Markets, a developer of cryptocurrency trading platforms.[15]

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.[16][17]

In December 2023, Robinhood acquired Chartr, a publisher of a daily financial newsletter.[18]

In March 2024, Robinhood acquired Marex FCM, a US futures executing broker, with the goal of offering trading in futures contracts.[19]

Layoffs history

In April 2022, Robinhood cut its workforce by 9%.[20] In August that year, the company announced additional layoffs of 23% of its workforce, mostly in operations, marketing and program management.[21][22]

In June 2023, Robinhood announced layoffs of 150 employees or about 7% of its staff.[23][24]

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.[25][26]

In May 2015, the company raised $50 million in a Series B round led by New Enterprise Associates.[27][28][29][30]

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.[31][32][33]

In May 2018, Robinhood closed a $363 million Series D financing round led by DST Global, bringing its total equity funding to $539 million.[34][35]

In July 2019, Robinhood raised $323 million in a Series E venture funding round led by DST Global.[36]

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.[37][38][39]

In August 2020, the company announced a $200 million Series G funding round from a new investor, D1 Capital Partners.[40][41][42][43]

The company became a public company via an initial public offering on the Nasdaq on July 29, 2021.[44][45][46]

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.[47][48][49]

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,[50][51] margin trading and market analytics via a subscription business model called Robinhood Gold in September 2016,[52] options trading in December 2017,[53][54] trading in american depositary receipts in August 2018,[55] support for purchasing fractional shares and dividend reinvestment plans in December 2019,[56][57] systematic investment plans in May 2020,[58] access to initial public offering (IPO) shares in May 2021,[59] extended-hours trading in March 2022,[60] securities lending in May 2022,[61] and individual retirement accounts in January 2023.[62][63][64][65]

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.[66][67][68][69]

By 2021, the company added trading for Bitcoin Cash, Dogecoin, Ethereum Classic, and Litecoin.[70] In September 2021, automatic recurring investments in cryptocurrency was introduced.[71][72]

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.[73][74]

Also in April 2022, the company announced integration of bitcoin's Lightning Network to enable faster transactions involving the cryptocurrency.[75]

In April 2023, Robinhood launched Robinhood Connect, allowing users to trade cryptocurrency using other cryptocurrency wallets.[76]

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.[77][78]

In December 2023, Robinhood expanded its cryptocurrency trading to the European Union.[79][80][81][82]

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.[83]

In September 2024, Robinhood paid $3.9 million to settle claims by the State of California that customers could not make timely withdrawals of cryptocurrency in their accounts from 2018 to 2022.[84][85]

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.[86][87][88]

The accounts were finally launched with insurance from the Federal Deposit Insurance Corporation in December 2019.[89][90] 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.[91]

Sherwood News

In April 2024, Robinhood launched its "Sherwood News" website and a rebrand of its financial newsletter Snacks, with the goal to be a revenue-driving business.[92]

Controversies

Payment for order flow and order execution

Robinhood receives a significant portion 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" or kickback. It has also been criticized for undisclosed markups on cryptocurrency transactions.[93][1]

The company has been criticized for routing orders to market makers that pay the most instead of those that offer the best order execution. 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.[94][95]

In December 2020, Robinhood was sued in a class action lawsuit for failing to disclose to customers that it received payment for order flow.[96]

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.[97][98]

Lack of product availability

The company does not offer trading in mutual funds and bonds.[93]

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.[99]

The company also has significant restrictions for trading in options on their expiration dates.[100]

Access to only low-quality IPOs

Robinhood began offering its clients access to initial public offering (IPO) shares in May 2021.[59] However, by November 2022, all 23 of the IPOs which Robinhood customers had access to had declined by over 10%.[101]

Security breaches (2019-2021)

In July 2019, Robinhood admitted to storing some customer passwords in an unencrypted cleartext format.[102]

In October 2020, Robinhood found that almost 2,000 Robinhood accounts were compromised and that the hackers had siphoned off customer funds.[103]

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.[104] 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.[105][106]

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."[107][108][109]

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%.[110][111][112] Robinhood offered compensation on a case-by-case basis.[113] Robinhood experienced another major systemwide outage on March 9.[114] 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.[115] In March 2023, the company agreed to pay $10 million to settle class action lawsuits regarding trading losses due to the outages.[116][117][118]

Suicide of Alexander E. Kearns (June 2020)

"Alex Kearns" redirects here. For the photographer, see Alex Cearns.

In June 2020, 20-year old University of Nebraska student Alexander E. Kearns committed suicide after seeing a negative cash balance of US$730,000 (equivalent to $859,442 in 2023) 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.[119] In his suicide note, Kearns accused Robinhood of allowing him to take too much risk.[120] 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.[121][122][123][124] Kearns' family filed and later settled a wrongful death lawsuit with the company.[125]

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.[126]

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.[127] AMC chairman and CEO Adam Aron said he was considering suing Robinhood for its "incomprehensible incompetence".[128]

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.[129][130] 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.[131] In February 2024, the company paid $7.5 million and agreed to overhaul its digital engagement practices to settle the remaining claims.[132]

GameStop short squeeze and possible insolvency (January 2021)

Main article: GameStop short squeeze

On January 28, 2021, several stockbrokers, including Robinhood, 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.[133][134][135] 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.[136][137] The company began once again allowing trading in the affected stocks on January 29.[138]

The decision to halt trading was criticized by customers[139][140] as well as politicians including Ted Cruz and Alexandria Ocasio-Cortez.[141][142][143] The House Committee on Financial Services questioned Robinhood CEO Vladimir Tenev during a hearing on February 18, 2021.[144]

Following the controversy, the Robinhood mobile app was review bombed on the Google Play app store.[145] Google deleted at least 100,000 such reviews, calling them "coordinated or inorganic".[146][147] 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.[148]

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.[149]

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.[150][151] 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.[152] In 2024, an appeals court affirmed the dismissal of the case.[153]

References

  1. ^ a b c d "Robinhood Markets, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 27, 2024.
  2. ^ a b "Robinhood Reports Third Quarter 2024 Results" (Press release). GlobeNewswire. October 30, 2024.
  3. ^ a b c Touryalai, Halah (February 26, 2014). "Forget $10 Trades, Meet Robinhood: New Brokerage Targets Millennials With Little Cash". Forbes. Archived from the original on September 12, 2014.
  4. ^ a b LEVICK, KEVIN (August 6, 2021). "Behind The Label: Robinhood". TheStreet.com.
  5. ^ Malz, Allan M. (Fall 2021). "The GameStop Episode: What Happened and What Does It Mean?". Cato Institute.
  6. ^ Osipovich, Alexander (September 12, 2022). "Robinhood's New Index Gives Insight Into Younger Investors". The Wall Street Journal.
  7. ^ a b Kauflin, Jeff (August 19, 2020). "The Inside Story Of Robinhood's Billionaire Founders, Option Kid Cowboys And The Wall Street Sharks That Feed On Them". Forbes.
  8. ^ MORRISSEY, JANET (February 18, 2017). "With No Frills and No Commissions, Robinhood App Takes On Big Brokerages". The New York Times. Archived from the original on February 19, 2017.
  9. ^ Long, Heather (March 12, 2015). "New Robinhood app offers free trading. Millennials jump in". CNN. Archived from the original on July 17, 2019.
  10. ^ Calvey, Mark (February 23, 2018). "Fintech Robinhood leaving Palo Alto for new HQ in former Sunset Magazine site". American City Business Journals.
  11. ^ Gulliver-Needham, Elliot (March 19, 2024). "Robinhood launches to UK customers". City A.M.
  12. ^ FITZPATRICK, KALPANA (March 19, 2024). "Robinhood opens up UK arm". MoneyWeek.
  13. ^ Du, Lyla; Gani, Aisha S. (March 18, 2024). "Robinhood Rolls Out App in UK, Pauses Margin Lending Addition". BNN Bloomberg.
  14. ^ Wilhelm, Alex (August 10, 2021). "Robinhood buys Say Technologies for $140M to improve shareholder-company relations". TechCrunch.
  15. ^ Lagrimas, Nicole-Anne (December 16, 2021). "Robinhood acquires cryptocurrency trading platform developer Cove Markets". S&P Global.
  16. ^ Saini, Manya (June 22, 2023). "Robinhood to buy fintech firm X1". Reuters.
  17. ^ "Robinhood to Buy Credit Card Company X1 for $95 Million". Bloomberg Law. June 22, 2023.
  18. ^ Fischer, Sara (December 26, 2023). "Robinhood acquires Chartr as it expands media portfolio". Axios.
  19. ^ Goyder, Bernard (March 18, 2024). "Robinhood buys Marex FCM as futures entry takes shape". Risk.net.
  20. ^ Hall, Christine; Wilhelm, Alex (April 26, 2022). "Robinhood to lay off 9% of full-time employees". TechCrunch.
  21. ^ Capoot, Ashley (August 2, 2022). "Robinhood cutting about 23% of jobs, releases second quarter earnings". CNBC.
  22. ^ Hartmans, Avery (August 2, 2022). "Robinhood cuts 23% of its workforce in a second round layoffs affecting more than 800 jobs". Business Insider.
  23. ^ Li, Roland (June 27, 2023). "S.F. tech layoffs: Uber, Robinhood and two other companies cut hundreds of jobs". San Francisco Chronicle.
  24. ^ Cherney, Max A. (June 27, 2023). "Robinhood is slashing another 7% of its staff". American City Business Journals.
  25. ^ Gannes, Liz (September 23, 2014). "With $13 Million, Robinhood Aims to Share the Stock-Trade Wealth". Vox Media.
  26. ^ Constine, Josh (September 23, 2014). "Robinhood Raises $13M To Democratize Stock Market With Zero-Commission Trading App". TechCrunch. Archived from the original on March 18, 2017.
  27. ^ Kosoff, Maya (May 7, 2015). "Robinhood, an app backed by Snoop Dogg and Marc Andreessen that lets you buy and sell stocks without a fee, just raised $50 million". Business Insider.
  28. ^ KOKALITCHEVA, KIA (May 7, 2015). "Robinhood, the app for no-commission stock trading, rakes in $50 million". Fortune.
  29. ^ Constine, Josh (May 7, 2015). "Zero-Fee Stock Trading App Robinhood Nabs $50M From NEA To Go Global". TechCrunch.
  30. ^ Zeitlin, Matthew (May 7, 2015). "Mobile Stock-Trading App Robinhood Raises $50 Million". BuzzFeed News.
  31. ^ Irrera, Anna (April 26, 2017). "Trading startup Robinhood raises $110 million in new funding round". Reuters. Archived from the original on August 28, 2018.
  32. ^ McBride, Sarah (April 26, 2017). "Robinhood's Stock Trading App Is Valued at $1.3 Billion". Bloomberg News. Archived from the original on May 14, 2017.
  33. ^ Constine, Josh (April 26, 2017). "Robinhood stock-trading app confirms $110M raise at $1.3B valuation". TechCrunch. Archived from the original on April 6, 2018.
  34. ^ Lynley, Matthew (May 10, 2018). "Free stock trading app Robinhood rockets to a $5.6B valuation with new funding round". TechCrunch. Archived from the original on April 11, 2019.
  35. ^ Primack, Dan (May 10, 2018). "Robinhood raises $363 million to move beyond no-fee trading". Axios.
  36. ^ Rooney, Kate (July 22, 2019). "Robinhood lands a $7.6 billion valuation after recent funding round". CNBC.
  37. ^ Roberts, Jeff John (May 4, 2020). "Robinhood raises $280 million in push for global expansion". Fortune.
  38. ^ DeFrancesco, Dan (May 4, 2020). "Robinhood just raised a $280 million round of funding led by Sequoia Capital, making it worth over $8 billion". Business Insider.
  39. ^ Nivedita, C (May 4, 2020). "Fintech startup Robinhood raises fresh funds at $8.3 billion valuation". Reuters.
  40. ^ Roberts, Jeff John (August 17, 2020). "Robinhood raises $200M as IPO speculation swirls". Fortune.
  41. ^ Basak, Sonali (August 17, 2020). "Robinhood Now Valued at $11.2 Billion With New Fund Backing". Bloomberg News.
  42. ^ "Robinhood Raises $200 Million From Investors". The New York Times. August 17, 2020.
  43. ^ Salzman, Avi (August 17, 2020). "Robinhood Now Valued at $11.2 Billion After Latest Funding Round". Barron's.
  44. ^ Fitzgerald, Maggie (July 29, 2021). "Robinhood drops 5% in stock trading app's Nasdaq debut". CNBC.
  45. ^ Beltran, Luisa (July 28, 2021). "Robinhood Stock Steadies After an Early Tumble". Barron's.
  46. ^ LEHTONEN, SCOTT (January 28, 2022). "Is Robinhood Stock A Buy Right Now After Plunging On Q3 Earnings?". Investors Business Daily.
  47. ^ Berwick, Angus; Wilson, Tom (November 10, 2022). "Exclusive: Behind FTExclusive: Behind FTX's fall, battling billionaires and a failed bid to save crypto".
  48. ^ Hughes, Jennifer (February 8, 2023). "Robinhood seeking to buy back stock seized from FTX founder Sam Bankman-Fried". Financial Times.
  49. ^ Saini, Manya; Lang, Hannah (September 1, 2023). "Robinhood to buy back Bankman-Fried's stake from US govt for $605.7 million". Reuters.
  50. ^ Constine, Josh (February 23, 2016). "Robinhood Ditches 3-Day Wait, Fronts New Users $1000 To Buy Stocks". TechCrunch.
  51. ^ KOKALITCHEVA, KIA (February 23, 2016). "Get Instant Gratification With This Millennial-Friendly Stock Investing App". Fortune.
  52. ^ Constine, Josh (September 29, 2016). "Free stock trade app Robinhood monetizes with $10/month to buy on credit". TechCrunch.
  53. ^ "Robinhood Launches Commission-Free Options Trading" (Press release). Business Wire. December 13, 2017.
  54. ^ Chaparro, Frank (December 13, 2017). "Robinhood is launching a free options trading product for its users". Business Insider.
  55. ^ Shieber, Jonathan (August 28, 2018). "Robinhood gives investors international targets to aim for with launch of ADR products". TechCrunch.
  56. ^ Rooney, Kate (December 12, 2019). "Robinhood joins a wave of fractional stock-trading offers to bring investing to the masses". CNBC. Archived from the original on December 12, 2019.
  57. ^ Egan, Matt (December 13, 2019). "This app completely disrupted the trading industry". CNN.
  58. ^ Abdel-Qader, Aziz (June 10, 2020). "Robinhood Launches 'Recurring Investments' to All Customers". Finance Magnates.
  59. ^ a b Fitzgerald, Maggie (May 20, 2021). "Robinhood will give retail investors access to IPO shares, a longstanding Wall Street realm". CNBC.
  60. ^ Fitzgerald, Maggie (March 29, 2022). "Robinhood adds four additional hours to extended trading for clients". CNBC.
  61. ^ Goodkind, Nicole (May 10, 2022). "Robinhood is introducing a stock lending program. What could go wrong?". CNN.
  62. ^ Suknanan, Jasmin (July 30, 2023). "Robinhood introduces IRAs that will match your contributions — how does it fit into your plan for retirement?". CNBC.
  63. ^ Rudegeair, Peter (January 12, 2023). "Robinhood Wants Your Retirement Money". The Wall Street Journal.
  64. ^ "The Wait(list) is Over – Robinhood Retirement is Now Available to All Eligible Customers" (Press release). GlobeNewswire. January 12, 2023.
  65. ^ Pino, Ivana (December 6, 2022). "Robinhood launches retirement waitlist for first-ever IRA with a 1% match". Fortune.
  66. ^ Parrish, Kevin (February 22, 2018). "Robinhood lures digital coin traders from Coinbase with a free service". Digital Trends. Archived from the original on May 18, 2018.
  67. ^ Cheng, Evelyn (January 25, 2018). "Stock trading app Robinhood to launch bitcoin, ethereum trading in five states". CNBC. Archived from the original on January 25, 2018.
  68. ^ Roberts, Jeff John (January 25, 2018). "Robinhood, the Investing App for Millennials, to Add Bitcoin and Other Cryptocurrencies". Fortune. Archived from the original on January 25, 2018.
  69. ^ Verhage, Julie (February 22, 2018). "Robinhood Opens Cryptocurrency Trading". Bloomberg News. Archived from the original on April 29, 2018.
  70. ^ Azevedo, Mary Ann (April 8, 2021). "Crypto trading on Robinhood spiked to 9.5M customers in first quarter". TechCrunch.
  71. ^ Blasi, Weston (September 21, 2021). "Robinhood to allow recurring investments in cryptos like bitcoin, ethereum and dogecoin". MarketWatch.
  72. ^ Newbery, Emma (March 31, 2021). "Robinhood Plans to Launch a Crypto Wallet 'as Fast as Possible'". The Motley Fool.
  73. ^ Grothaus, Michael (April 4, 2022). "Robinhood crypto wallet: 2 million customers can now do more with their coins". Fast Company.
  74. ^ Ehrlich, Steven (April 12, 2022). "Robinhood Adds Shiba Inu, Solana, Polygon, And Compound To Its Crypto Offerings". Forbes.
  75. ^ Hollerith, David (April 7, 2022). "Robinhood becomes latest to integrate Bitcoin's Lightning Network". Yahoo! Finance.
  76. ^ "Robinhood to let customers buy crypto using outside wallets and apps: 'Our conviction in the future of Web3 remains strong'". Fortune. April 27, 2023.
  77. ^ WEISS, BEN (June 9, 2023). "Robinhood to delist tokens for Solana, Cardano, and Polygon after SEC suits name them as securities". Fortune.
  78. ^ TOPPA, SABRINA (June 13, 2023). "Robinhood to Delist Tokens Declared Securities by the SEC". TheStreet.com.
  79. ^ Browne, Ryan (December 7, 2023). "Robinhood launches crypto trading service in the EU". CNBC.
  80. ^ Nishant, Niket; Rajan, Gnaneshwar; Kaur, Baranjot (December 7, 2023). "Robinhood expands crypto trading to more-regulated European Union". Reuters.
  81. ^ Liao, Rita (December 7, 2023). "Following UK expansion, Robinhood brings crypto trading to EU". TechCrunch.
  82. ^ Goss, Louis (December 7, 2023). "Robinhood launches EU crypto-trading app in renewed push for global expansion". MarketWatch.
  83. ^ Yasmin, Mehnaz (May 6, 2024). "Robinhood Crypto gets Wells notice from US SEC". Reuters.
  84. ^ Stempel, Jonathan (September 5, 2024). "Robinhood in $3.9 million settlement with California over crypto withdrawals". Reuters.
  85. ^ "Attorney General Bonta Secures $3.9 Million Settlement with Cryptocurrency Company Robinhood". September 4, 2024.
  86. ^ Passy, Jacob (January 2, 2019). "Robinhood quietly stops users from signing up for cash accounts amid scrutiny from regulators". MarketWatch. Archived from the original on January 24, 2019.
  87. ^ Passy, Jacob (December 13, 2018). "Robinhood tempts savers with 3% interest on checking accounts — but regulatory stop sign reveals a clumsy rollout". MarketWatch. Archived from the original on December 21, 2019.
  88. ^ Constine, Josh (December 14, 2018). "Robinhood said to not be properly insured to offer checking & savings". TechCrunch. Archived from the original on December 14, 2018.
  89. ^ Rooney, Kate (October 8, 2019). "Robinhood makes second attempt at launching a high-yield account similar to banks". CNBC. Archived from the original on October 8, 2019.
  90. ^ Peters, Jay (December 12, 2019). "Robinhood launches cash management feature a year after bungling its checking account launch". The Verge. Archived from the original on December 12, 2019.
  91. ^ Vincent, James (March 22, 2022). "Robinhood's new debit card will automatically invest in stocks and crypto as you spend". The Verge.
  92. ^ Fischer, Sara (April 9, 2024). "Robinhood launches site for new media arm". Axios.
  93. ^ a b Royal, James. "Robinhood Review". Bankrate.
  94. ^ Robinson, Matt (December 19, 2019). "Robinhood Fined $1.25 Million Over How It Routed Customer Orders". Bloomberg News. Archived from the original on January 2, 2020.
  95. ^ "FINRA Fines Robinhood Financial, LLC $1.25 Million for Best Execution Violations" (Press release). Financial Industry Regulatory Authority. December 19, 2019.
  96. ^ Blumberg, Peter (December 24, 2020). "Robinhood Financial Hit With Class-Action Suit for Selling Stock Orders". Bloomberg News.
  97. ^ Dave Michaels; Alexander Osipovich (September 2, 2020). "Robinhood Faces SEC Probe for Not Disclosing Deals With High-Speed Traders". The Wall Street Journal. ISSN 0099-9660. Wikidata Q115746646.
  98. ^ "File No. 3-2017, In the matter of: Robinhood Financial, LLC, Respondent" (PDF). U.S. Securities and Exchange Commission. December 17, 2020.
  99. ^ Rapier, Graham (August 13, 2018). "Robinhood shuts customers out of buying shares of MoviePass' parent company after the stock crashed more than 99.99% (HMNY)". Business Insider.
  100. ^ Wang, Lu (February 21, 2024). "Wall Street Brokers Are Coming for the Hot Retail-Options Trade". Bloomberg News.
  101. ^ Massa, Annie; Benhamou, Mathieu (November 8, 2022). "Robinhood Gave Its Customers Access to IPOs That All Flopped". Bloomberg News.
  102. ^ Cimpanu, Catalin. "Robinhood admits to storing some passwords in cleartext". ZDNet. Archived from the original on August 1, 2019.
  103. ^ Alexander, Sophie (October 15, 2020). "Robinhood Internal Probe Finds Hackers Hit Almost 2,000 Accounts". Bloomberg News.
  104. ^ Rudegeair, Peter (November 8, 2021). "Robinhood Hack Exposes Millions of Customer Names, Email Addresses". The Wall Street Journal.
  105. ^ Abrams, Lawrence (November 15, 2021). "7 million Robinhood user email addresses for sale on hacker forum". Bleeping Computer.
  106. ^ Roth, Emma (March 18, 2023). "Feds arrest alleged BreachForums owner linked to FBI hacks". The Verge.
  107. ^ Rooney, Kate (November 5, 2019). "'Infinite leverage' — some Robinhood users have been trading with unlimited borrowed money". CNBC. Archived from the original on November 8, 2019.
  108. ^ Kochkodin, Brandon (November 5, 2019). "Robinhood Traders Discovered a Glitch That Gave Them 'Infinite Leverage'". Bloomberg News. Archived from the original on December 11, 2019.
  109. ^ Winck, Ben (November 7, 2019). "The jig is up: Robinhood says it's closed the 'infinite leverage' loophole that allowed users to build positions worth millions". Business Insider.
  110. ^ Verhage, Julie; Massa, Annie (March 2, 2020). "Robinhood Suffers Online Outage With U.S. Stocks Rebounding". Bloomberg News.
  111. ^ Roof, Katie (April 16, 2020). "Bloomberg - Robinhood Is Raising New Funds at About $8 Billion Value, Sources Say". Bloomberg News.
  112. ^ Shieber, Jonathan (March 2, 2020). "Robinhood suffers prolonged outage on the day the Dow enjoyed its single biggest point gain". TechCrunch.
  113. ^ Shieber, Jonathan (March 3, 2020). "Down again, Robinhood will offer 'case-by-case' compensation for its outage on the day markets gained $1.1 trillion". TechCrunch.
  114. ^ Reinicke, Carmen (March 9, 2020). "Robinhood crippled by another major outage as markets absorb historic sell-off". Business Insider.
  115. ^ Fitzgerald, Maggie (June 30, 2021). "MARKETS Robinhood to pay $70 million for outages and misleading customers, the largest-ever FINRA penalty". CNBC.
  116. ^ GROTHAUS, MICHAEL (March 30, 2023). "Robinhood might owe you money after it suffered outages in 2020. Here's how to check". Fast Company.
  117. ^ Corbin, Kenneth (April 7, 2023). "Robinhood to Pay $10.2 Million to Settle Service Outage Dispute". Barron's.
  118. ^ Lang, Hannah; Saini, Manya (April 6, 2023). "Robinhood to pay $10mln to settle operational deficiency charges". Reuters.
  119. ^ Klebnikov, Sergei (June 17, 2020). "20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance". Forbes.
  120. ^ Khorram, Yasmin; Rooney, Kate (June 18, 2020). "Young trader dies by suicide after thinking he racked up big losses on Robinhood". CNBC.
  121. ^ Egan, Matt (February 11, 2021). "'He would be alive today': Parents detail son's desperate attempts to contact Robinhood before he killed himself". CNN.
  122. ^ Dokoupil, Tony; Kaplan, Michael; Finn, Martin; McDonald, Cassidy; Kamin, Jennie; Kaplan, Rob (February 8, 2021). "Alex Kearns died thinking he owed hundreds of thousands for stock market losses on Robinhood. His parents have sued over his suicide". CBS News.
  123. ^ Rooney, Kate (June 19, 2020). "Robinhood increases guardrails on options trading in the wake of a customer suicide". CNBC.
  124. ^ Zarroli, Jim (August 11, 2020). "Millions Turn To Stock Trading During Pandemic, But Some See Trouble For The Young". NPR. Archived from the original on February 7, 2021.
  125. ^ Egan, Matt (July 1, 2021). "Robinhood settles lawsuit over 20-year-old trader who died by suicide". CNBC.
  126. ^ Sun, Mengqi (August 2, 2022). "Robinhood's Crypto Unit Fined $30 Million by New York's Top Financial Regulator". The Wall Street Journal.
  127. ^ McCabe, Caitlin (May 2, 2023). "AMC CEO Says Robinhood is 'Irresponsible' For False Bankruptcy Report". The Wall Street Journal.
  128. ^ Glover, George (May 2, 2023). "Robinhood mistakenly told its users that AMC had filed for bankruptcy". Business Insider.
  129. ^ "Docket No. E-2020-0047, In the matter of: Robinhood, LLC, Respondent" (PDF). Secretary of the Commonwealth of Massachusetts. December 16, 2020.
  130. ^ Randall, Clark (December 16, 2020). "Massachusetts regulator accuses Robinhood of failing to protect investors". Reuters.
  131. ^ Raymond, Nate (March 30, 2022). "In win for Robinhood, judge declares Massachusetts investment advice rule invalid". Reuters.
  132. ^ "Game Over: Robinhood Pays $7.5 Million to Resolve "Gamification" Securities Violations". Vinson & Elkins. February 12, 2024.
  133. ^ Mackenzie, Michael (January 29, 2021). "Robinhood raises $1bn from investors and taps banks at end of wild week". Financial Times.
  134. ^ Roberts, Jeff John (February 2, 2021). "The real story behind Robinhood's decision to restrict GameStop trading—and that 4am call to put up $3 billion". Fortune.
  135. ^ Demos, Telis (January 30, 2021). "Why Did Robinhood Ground GameStop? Look at Clearing". The Wall Street Journal. ISSN 0099-9660.
  136. ^ Nover, Scott (July 2, 2022). "GameStop trading nearly destroyed Robinhood". Quartz.
  137. ^ Popper, Nathaniel; de la Merced, Michael J.; McCabe, David (February 1, 2021). "Robinhood, Under the Gun, Raises $2.4 Billion". The New York Times.
  138. ^ Morrow, Allison (January 28, 2021). "Robinhood, facing backlash, will allow limited buys on stocks it had restricted". CNN.
  139. ^ Fitzgerald, Maggie (January 28, 2021). "Robinhood restricts trading in stock and options of GameStop, other names involved in frenzy". CNBC.
  140. ^ Gartenberg, Chaim (January 28, 2021). "Robinhood blocks purchase of GameStop, AMC, and BlackBerry stock". The Verge. Vox Media.
  141. ^ Sheth, Sonam; Relman, Eliza (January 28, 2021). "'You almost had me murdered 3 weeks ago': AOC rejects Ted Cruz's support for her criticism of Robinhood". Business Insider.
  142. ^ Hatmaker, Taylor (January 28, 2021). "AOC, Ted Cruz slam Robinhood for freezing some trades amid GameStop volatility". TechCrunch.
  143. ^ Shepardson, David (January 28, 2021). "At odds over many things, U.S. lawmakers AOC and Ted Cruz agree on Robinhood probe". Reuters.
  144. ^ Egan, Matt; Fung, Brian; Duffy, Clare (February 18, 2021). "Robinhood and Reddit CEOs testify before House committee: Live updates". CNN.
  145. ^ Gilbert, Ben; Akhtar, Allana (January 28, 2021). "Robinhood users are revolting against the trading app after it stopped trades of GameStop". Business Insider.
  146. ^ Klar, Rebecca (January 29, 2021). "Google deletes negative reviews of Robinhood app". The Hill.
  147. ^ Novak, Matt (January 29, 2021). "Google Deletes 100,000 Negative Reviews of Robinhood App From Angry Users". Gizmodo.
  148. ^ Gartenberg, Chaim (February 1, 2021). "Robinhood plummets back down to a one-star rating on Google Play". The Verge.
  149. ^ Manfredi, Lucas (January 28, 2021). "Protesters gather at Robinhood HQ, SEC, NYSE". Fox Business. Archived from the original on January 29, 2021.
  150. ^ Zilbermints, Regina (January 28, 2021). "Class-action lawsuit filed against Robinhood for restricting trading". The Hill.
  151. ^ Hodjat, Arya (January 28, 2021). "Robinhood Hit With Class Action Suit for Muzzling GameStop Uprising". The Daily Beast.
  152. ^ Stempel, Jonathan (November 30, 2021). "Robinhood, others win dismissal of meme stock 'short squeeze' lawsuit". Reuters.
  153. ^ Arcieri, Katie (June 26, 2024). "Robinhood Wins as 11th Cir. Affirms 'Meme Stock' Suit Dismissal". Bloomberg News.
  • Official website Edit this at Wikidata
  • Business data for Robinhood Markets, Inc.:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Robinhood_Markets&oldid=1254958797#Sherwood_News"