joeyong
2021-03-24
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Robinhood Files Confidentially With SEC To Go Public: Report
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The news service cited a person familiar with the matter.</p>\n<p>The timing could change, the news service reported. Bloomberg in February had reported that the company might go public in March.</p>\n<p>The commission-free application launched in March 2015. It became extremely popular recently as it enabled novice investors who were stuck at home due to the pandemic to trade stocks and other financial instruments at no cost.</p>\n<p>In January followers of a sub-reddit known as r/WallStreetBets launched a concerted effort to boost the shares of GameStop (<b>GME</b>) -Get Report and force a short squeeze. The resulting volatility did indeed send the shares soaring, but also wound up catching many novice investors on the wrong side of trades as shares plunged.</p>\n<p>It also drew many more new users to the Robinhood app.</p>\n<p>At the time Robinhood faced capital shortfalls and limited trading in popular stocks including GameStop. 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