Robinhood files confidentially for IPO despite disastrous start to 2021
CNN
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.
The filing, which Robinhood confirmed in a brief statement Tuesday afternoon, demonstrates how confident the company is in its growth prospects even after a disastrous few months that featured its CEO getting hauled before Congress and Michael Bolton appearing in a viral video about the platform's controversial business model. The confidential IPO filing suggests that Robinhood plans to capitalize on the flurry of retail trading that the startup helped set off with its zero-commission business model.
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