Robinhood, the retail broker whose growth reached the stratosphere as stock trading boomed in the coronavirus pandemic, has fallen back to earth.
Active users have fled the platform. The number of funded accounts has levelled off. Robinhood’s market capitalisation has dropped by two-thirds since it went public last summer. Last week it announced lay-offs for nearly a quarter of its staff.
“It is a post-Covid hangover,” said Dan Dolev, analyst at Mizuho Securities. Robinhood “has woken up in a hotel in Las Vegas, and there is a Bengal tiger in the bathroom”.
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