Robinhood lays off almost a quarter of staff as crypto crash continues August 3, 2022 Trading platform Robinhood cut about 23 per cent of its staff as the crypto crash persisted and economic outlook dampened. The company, which enables crypto trading, had previously laid off 9 per cent of its staff to manage costs. The layoffs follow other crypto companies cutting staff as the “crypto winter” causes prices of major [...]
Robinhood Crypto fined £24.7m in New York for regulatory violations August 3, 2022 Robinhood Crypto was hit with a $30m (£24.7m) for violating anti-money laundering, cybersecurity, and consumer protection requirements. New York’s financial regulator the Department of Financial Services fined the trading platform’s crypto business on Tuesday for “significant failures” in money laundering obligations and cyber security and violating “critical consumer and reporting requirements.” Additionally, Robinhood Crypto must [...]
Trading app Robinhood settles class action lawsuit over 2020 outages May 28, 2022 Stock market trading app Robinhood has agreed to settle a proposed class action lawsuit, over claims outages on its app cased investors to lose money during a period of pandemic-related stock market volatility. The lawsuit comes after retail investors flocked to the app in the midst of the pandemic, in their efforts to battle hedge [...]
Robinhood unveils scheme allowing ‘friends and family’ to buy into IPOs at special price November 3, 2021 Trading platform Robinhood has announced it will allow companies issuing shares through its IPO Access system to set aside some stock for retail investors with connections to the issuer. The online brokerage’s IPO Access platform enables retail investors to buy shares at the listing price for companies that open up access to their shares to [...]
Revolut is taking on Robinhood with the launch of commission-free retail trading in US September 21, 2021 Revolut, the UK’s most valuable fintech, is targeting the booming retail trading market with the launch of commission-free stock trading for US customers. The $33bn fintech’s “Revolut Securities” arm has today been approved as a licensed broker-dealer in the the US, which will enable it to launch commission-free stock trading to its stateside customers in [...]
SEC double hit: Robinhood comes under scrutiny for key revenue stream and share sale filing September 1, 2021 Trading platform Robinhood has told investors that the US financial watchdog is reviewing a filing of a share sale by a group of its shareholders, a day after its share price sank on two other bouts of bad news. The U.S. Securities and Exchange Commission (SEC) review prevents any sales being made off the filing [...]
Robinhood acquires investor relations platform Say Technologies in $140m takeover deal August 10, 2021 Fresh from its IPO at the end of last month, Robinhood today announced to its new shareholders that it will acquire online retail investor relations platform Say Technologies in a $140m (£101m) all-cash deal. New York fintech startup Say provides a digital platfrom that aims to enable retail investors to interact with the companies where [...]
Robinhood shares drop as stock continues to seesaw August 5, 2021 Shares in trading platform Robinhood dropped sharply today, signalling that this week’s four-day stock rally might have reached its end. After a woeful initial public offering last week, which saw the firm’s market cap shed $3bn in just a few minutes of trading, investors had poured into the firm this week. Yesterday its share price [...]
Robinhood shares surge to post-IPO high in turbulent week for trading August 4, 2021 Robinhood, the trading platform made famous by the GameStop incident in January 2021, has seen its share price surge after a disappointing initial public offering. Last week the trading app sold 20 and 25 per cent of shares to its own customer base during a lacklustre IPO which saw the company’s market cap fall by [...]
Robinhood shares slide below offer price on Wall Street debut July 29, 2021 Shares in popular trading platform Robinhood slumped below their offer price immediately after their Nasdaq debut on Thursday, in a lacklustre start to one of this year’s most anticipated IPOs. In what signalled slack investor demand for the online brokerage – which exploded in popularity during the pandemic amid retail investor appetite – shares fell [...]