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Robinhood is an app-based stock trading platform marketed to younger investors, with approximately 13 million customer accounts. Robinhood’s stated mission is to “democratize finance for all” and its website touts “investing for everyone.” Its median customer age is 31, and its advertising features young people like a “broke college student” and others who profess they knew nothing about investments but learned as they went after joining Robinhood.
In response to an investigation by the Securities and Exchange Commission, Robinhood agreed to pay $65 million on December 17, 2020. The SEC claimed that Robinhood engaged in “repeated misstatements that failed to disclose the firm’s receipt of payments from trading firms for routing customer orders to them, and with failing to satisfy its duty to seek the best reasonably available terms to execute customer orders.” The SEC’s order details Robinhood’s mi