Ahead of IPO, Robinhood expands risky stock market lending
CBSN
Robinhood has rapidly expanded its business of extending potentially risky loans to customers of the stock-trading app in the run-up to its initial public offering.
The popular but controversial online brokerage confirmed on Tuesday that it has begun the process of selling shares in Robinhood to the public for the first time. The company said in a blog post that it had filed confidential paperwork for the IPO with the Securities and Exchange Commission and that the regulator is reviewing its registration. Robinhood did not disclose a time frame for the public offering. In a separate regulatory filing, Robinhood reported earlier this month that its lending to help customers buy stock "on margin" — in which someone borrows money to purchase stock, options or other securities in hopes of boosting their investment returns — rose by $2 billion in the second half of 2020. As of the end of the year, Robinhood had $3.4 billion in outstanding margin loans, up more than 400% from the $650 million it had outstanding at the end of 2019.More Related News
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