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Robinhood reveals it lost $1.4bn to GameStop chaos as it files for IPO
The trading app will reserve up to 35pc of its float shares for its customers, who now have $81bn of assets in its custody
2 July 2021 • 12:55am
Robinhood made a loss of $1.4bn (£1bn) in the first three months of this year amid the GameStop chaos, the stock trading app revealed as it applies to go public.
A massive buying frenzy driven by retail investors on Reddit forced Robinhood to raise emergency funds that cost it $1.5bn and tanked its finances for that quarter, according to paperwork filed with US regulators on Thursday.
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The Silicon Valley-based company was founded in 2013 by Vlad Tenev and Baiju Bhatt, and took the investing world by storm by enabling users to trade stocks and ETFs for free on its mobile app. During 2020, its popularity rose to new heights as amateur investing surged amid the coronavirus pandemic.
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In the filing, Robinhood revealed it had 18.5 million funded accounts and $80 billion in customer assets as of March 31, more than double the prior years. Over 50% of the users are first-time investors, and the founders said they plan to continue to make financial investing more accessible. The company said it wants to set aside as much as 35% of its shares for individual investors.