Robinhood filed confidentially for an IPO on Monday, a person familiar with the matter told CNN Business, a development that shows the trading startup is forging ahead despite a recent series of public-relations nightmares.
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Robinhood is widely expected to go public later this year despite the public relations black eye it received during the Reddit-induced GameStop mania. But another rapidly growing online trading rival – EToro will beat it to the market.
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This was supposed to be the year Robinhood turned the page on its troubles and launched a massive IPO. And then GameStop mania happened. Now comes a Congressional hearing.
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Robinhood lifted trading limits on GameStop, AMC, and other Reddit favorites Friday, easing restrictions that engulfed the free-trading app in controversy last week. Will shares rise again?
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Hackers compromised users’ personal email accounts outside of the trading app, and used those emails to gain access to customers’ Robinhood accounts, a Robinhood spokesperson said in a statement.
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People were unable to access the free stock-trading app Monday, when the Dow logged its biggest point gain in history. Again, on Tuesday, the app crashed for a brief time — after Robinhood said it had fixed the issue.
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