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    Vlad Tenev, CEO and co-founder Robinhood Markets, Inc., attends his company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., July 29, 2021.Brendan McDermid | Reuters Robinhood CEO Vlad Tenev said Tuesday in a press release that the company will reduce its headcount by approximately 23%. The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed "deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash." This is breaking news. Please check back for updates.TVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
    Vlad Tenev, CEO and co-founder Robinhood Markets, Inc., is displayed on a screen during his company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., July 29, 2021.Brendan McDermid | Reuters Retail brokerage firm Robinhood is cutting back staffing levels, citing "duplicate roles and job functions" after rapid expansion last year. CEO Vlad Tenev made the announcement in a blogpost on Tuesday afternoon. This is breaking news. Please check back for updates.TVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
    USERS are being warned after a security breach at Robinhood has leaked sensitive information.  The breach occurred on November 3 when an “unauthorized third party” gained access to information from a number of users. 2Millions of users were affected by the leakCredit: AFP The data affected by the leak includes email addresses for about 5 million users. The full names of 2 million users were also leaked. However, about 310 users suffered a more serious breach, including the release of their names, birthdays, and zip codes. And then 10 people had even more data leaked but Robinhood hasn’t said how bad the breach was. According to Robinhood, no social security numbers or bank account and debit card information were exposed. The financial services company says they are speakings to users who were affected by the leak. The law enforcement and security company Mandiant is investigating the breach. Most read in TechMAJOR ATTACK Robinhood error reported after hack exposed data of SEVEN MILLION customersCHAMPION Pokemon GO: How to beat GiovanniURGENT UPDATE Millions of Windows users warned to install update NOW to...
    VIDEO1:0901:09Robinhood reveals data security incidentClosing Bell Investors with accounts at Robinhood may want to take steps to protect their credit. The online brokerage, which has about 18.9 million retail clients, announced Monday that a Nov. 3 data breach resulted in various information about 7 million customers being exposed. For 5 million of them, email address were accessed, and another 2 million had their full names revealed. Additionally, personal information including name, date of birth and ZIP code was exposed for about 310 people, and about 10 customers had more extensive account details revealed. Robinhood said it is alerting affected individuals.Kacper Pempel | REUTERSThe company said that based on its investigation, no Social Security numbers were exposed. Nor were bank account or debit card numbers. Nevertheless, whether your personal data was involved in the data breach or not, the incident is a good reminder that it's worth protecting your credit from criminals. The first option is to freeze your credit report, which generally blocks outside access to your file. This means a scammer can't use your personal information to get a...
    In this article HOODPavlo Gonchar | LightRocket | Getty ImagesShares of Robinhood are getting crushed in premarket trading on Wednesday following a worrisome earnings report from the newly public brokerage. Robinhood shares are plummeting 10% in extended trading, dipping below the stock trading app's IPO price of $38 per share.Loading chart... The decline after Robinhood missed on the top and bottom lines of its third quarter results. Revenue was dragged down by a slowdown in crypto trading and Robinhood warned that the headwinds in trading will persist into year-end. The second quarter was "one of those idiosyncratic market events where there's this massive interest specifically in Doge," Robinhood CFO Jason Warnick told CNBC. "We love it when those moments happen. It's a great way to bring a lot of new customers onto the platform but we're really thinking about investing in crypto over the long term. It's gonna be impossible for us to accurately predict...revenue on a quarter-to-quarter basis." For the third quarter, total net revenue came in at $365 million, missing a Refinitiv estimate of $431.5 million. This was well below the...
    Reebok’s Classic Leather Legacy Celebrates the Future While Honoring the Past Fantasy Baseball Takeaways: Cole Irvin, soft-rock in Oakland “Check yo self before you wreck yo self” That now-famous lyric from Ice Cube off his 1992 album, The Predator, is now at the center of a lawsuit from the rapper/actor against Robinhood, which offers a very popular stock trading app. Has the lyric become a catchphrase? Or is the lyric so generic that in the three decades since the release of “Check Yo Self,” the phrase has fallen into the public domain and is now free for all to use? Attorneys for O’Shea “Ice Cube” Jackson and Robinhood find themselves raising this debate in a federal court in San Francisco. It’s not too hard to squint and see this case as having larger relevance in the era of the meme. The lawsuit was prompted by a March 8 post on the Robinhood app. An image of Jackson from the motion picture, Are We There Yet?, was used along with a caption, “Correct yourself, before you wreck yourself.” Jackson’s lawyers say Robinhood misappropriated Jackson’s...
    Beleaguered no-fee trading app Robinhood is now turning to its chief operating officer to help quell backlash over its response to the “Reddit rally” in January. In a Thursday blog post, Robinhood COO Jim Swartwout vowed to “demystify” the company’s controversial practice of selling order flow to Wall Street. Swartwout, a 50-year-old former executive at online brokerages E*Trade and TDAmeritrade, told users that selling order flow to market makers is the only way it can offer its product for free. Robinhood, he said, only makes “two-tenths of a penny” for every share bought and sold on the platform. “To compete with exchanges, market makers offer us rebates,” Swartwout said. “Market makers typically give you better prices than exchanges.” The business model has become a PR albatross for the trading platform ever since its controversial decision in late January to bar users from buying shares of popular stock like GameStop. It’s raised the eyebrows of politicians, who pressed Robinhood chief Vlad Tenev and Citadel CEO Ken Griffin on best execution during a Congressional hearing on Feb 18....
    You know, when I think about the stock market, I don’t really think about Michael Bolton. But I guess Public — which refers to itself as “the investing social network” — was envious that Robinhood was getting all the press attention, so it hired Bolton to revamp his 1989 hit “How Am I Supposed to Live Without You.” The new version is a lament about payment for order flow, which was recently the subject of Reddit outrage and a point of inquiry in a House hearing. Make no mistake, Public is taking aim at Robinhood Bolton is absolutely solemn in the beginning — almost to the point of convincing me that this is a hostage proof-of-life video. But his voice is as lovely as ever as he launches into song. It’s not the first time he’s lampooned his late-’80s / early-’90s image as a lovelorn crooner; he did something similar for Panera with “When a Man Loves a Woman.” In both instances, he got a paycheck and demonstrated that he has a sense of humor. Good for him! The practice...
    VIDEO3:2703:27Here's what investing platforms can learn from the gaming industrySquawk on the Street Cam Adair was so deep into his video gaming addiction, he says it almost killed him. "I was young. I probably played like 16 hours a day, all day, every day. I dropped out of high school twice, I pretended to have jobs and deceived my family. I got to a point where I wrote a suicide note. And it was kind of that night when I realized I needed to make a change." Today, after years of counseling, Adair is alive and well and the founder of Game Quitters. Alex Kearns, a 20-year-old customer of the trading app Robinhood wasn't so lucky. He took his life last summer after believing he had racked up a loss of $730,000 on Robinhood. His parents lay the blame squarely on the investing company, pointing out Kearns tried multiple times to get help on a customer service line, to no avail. Kearns' family has since filed a wrongful death lawsuit against Robinhood. At a House Financial Services Committee...
    Sen. Elizabeth Warren, D-Mass.Tom Williams | CQ-Roll Call, Inc. | Getty Images Sen. Elizabeth Warren (D-Mass.) is pressuring Citadel CEO Ken Griffin about the financial giant's relationship with Robinhood, how Citadel benefits from their relationship and how to protect retail investors. In a letter sent Thursday, Warren said she is particularly interested in the potential conflict of interest between the hedge fund side of Citadel, which invested $2 billion in short-selling firm Melvin Capital for its GameStop losses, and Citadel Securities, a practitioner of "payment for order flow" for Robinhood. "Both Robinhood and Citadel have denied that Citadel had any role in this decision – but Congress and the public deserve clarity on the process of and reasons for these decisions by Robinhood, which had a significant impact on many individual investors," Warren said in a six page letter. Warren also asked Griffin about the controversial, yet legal way that Robinhood and other brokers make money through trades despite dropping commissions: payment for order flow. Robinhood and other brokers are large beneficiaries of this revenue model and receive payments from...
    (CNN)On Thursday, the US House Financial Services Committee will the chief executives of Robinhood and other companies involved in last month's GameStop stock rally. The hearing is being driven by concerns in Washington about the fundamental fairness of the modern market. The trading frenzy shined a bright light on the free trading boom set off by Robinhood, the role of high-speed trading firms and the populist angst at the heart of the Reddit mob.Send us your questions and we'll answer as many as we can on our streaming show Thursday before the hearing.
    REDDIT's WallStreetBets aired a five-second Super Bowl advertisement on Sunday evening about "how underdogs can accomplish anything." The ad's screen time comes after WallStreetBets said they were creating a Super Bowl advertisement to "sh*t on the Robinhood app." 6WallStreetBets is hoping to 'sh*t on' stock trading app RobinhoodCredit: Reuters 6Credit: Reddit 6Robinhood will be airing its first-ever commercial on Super Bowl SundayCredit: Alamy WallStreetBets - a Reddit group with several million members who share trading tips about how to beat "the system" - was hoping to put down stock trading app Robinhood. The group made the move after Robinhood blocked GameStop trading, according to reports. About an hour into Super Bowl LV NFL - featuring the Kansas City Chiefs and the Tampa Bay Buccaneers - Reddit took to Twitter to announced the news. Reddit tweeted: "What just happened?" alongside a seven-second video. In the video, Reddit revealed the following statement: "Wow, this actually worked. If you're reading this, it means out bet paid off. "Big game spots are expensive, so we couldn't buy a full one. But we were inspired and decided to...
    Clyburn targets OSHA, meatpacking companies with investigation of COVID-19 outbreaks Congos 2016 runner-up launches new presidential bid Winklevoss Billionaires Bankrolling Movie About GameStop Stock Saga Although the ink is barely dry on the short-sale receipts, it appears that the ongoing GameStop drama is already headed for Hollywood. It’s barely been a week since grassroots Reddit warriors united to foil Wall Street hedge fund bigwigs from cashing in on the video game retailer’s anticipated demise, with many stock market amateurs making lots of money over just a few days. © Richard Young/Shutterstock / Richard Young/Shutterstock Mandatory Credit: Photo by Richard Young/Shutterstock (8772990ek)Tyler Winklevoss and Cameron WinklevossThe Costume Institute Benefit celebrating the opening of Rei Kawakubo/Comme des Garcons: Art of the In-Between, Arrivals, The Metropolitan Museum of Art, New York, USA - 01 May 2017. See: Elon Musk Absolutely Grills Robinhood CEO in ‘Electric’ InterviewFind: Meet All the Major Players in the Robinhood vs. GameStop Saga  Load Error But according to Deadline, MGM wasted no time in purchasing the movie rights to the outrageous story, which steered the stock market through one...
    ROBINHOOD CEO Vlad Tenev has told Elon Musk there was nothing "shady" about the firm's decision to halt trading in Gamestop shares and insisted it was "reasonable". It comes after the move attracted criticism and accusations of market manipulation from businesspeople and politicians from both sides of the political divide. 4Robinhood CEO Vlad Tenev has said there was nothing 'shady' about the firm's decision to halt trading in Gamestop sharesCredit: Reuters 4Tenev was discussing the decision with Tesla CEO Elon MuskCredit: Getty Images - Getty 4Reddit users bought GameStop shares in large quantities last week in order to disrupt a short sell by Wall Street tradersCredit: The Mega Agency On Thursday, Robinhood restricted trading on thirteen equities, including GameStop and AMC Entertainment. Shares in the retailer had risen dramatically in price over the previous few days as users of internet forum Reddit bought them in large quantities in an attempt to disrupt a short sell by a number of hedge funds. A short sell is a process in which traders borrow shares and immediately sell them on in...
    RAPPER Ja Rule branded the stock app Robinhood as "criminal" days after amateur traders used the app to send the stock market spiraling into chaos. Ja Rule's comments about Robinhood come after the stock app faced criticism after stopping users from buying and selling GameStop shares. 5Ja RuleCredit: 2017 Invision What did Ja Rule say about Robinhood app? Ja Rule told Rolling Stone that he's been using the Robinhood app since 2014, but the company's recent decision to restrict certain stocks left him "very upset." "They hedge fund guy shorted these stocks now we can't buy them ppl start selling our of fear ... we lose money they make money on the short ... THIS IS A F**KING CRIME!!!" the rapper tweeted on Thursday. In his Rolling Stone interview, Ja Rule, whose real name is Jeff Atkins, spoke about how he's been following the WallStreetBets Reddit group/Robinhood app saga. 5Ja Rule branded Robinhood's actions 'criminal'Credit: Getty Images - Getty 5Robinhood stopping users from buying and selling GameStop sharesCredit: AFP or licensors "The big Wall Street guys have been shorting these stocks. These...
    Jordan Belfort, the former stockbroker and convicted felon, weighed in Saturday night on last week’s GameStop-WallStreetBets-Robinhood saga. Belfort, whose rise and fall on Wall Street was documented in the 2013 Martin Scorsese movie, "The Wolf of Wall Street," starring Leonardo DiCaprio, shared his observations during an appearance on Fox News’ "Watters' World," with host Jesse Watters. Watters asserted that moves by Wall Street giants to convince retail trading platforms like Robinhood to halt trading on puny stocks like GameStop -- that "average Joe" investors had sent soaring via the Reddit community WallStreetBets-- was likely illegal. "I think it goes beyond that," Belfort agreed – and warned the implications could be fatal for Robinhood. DEFIANT REDDITORS BUY TIMES SQUARE BILLBOARD AS GAMESTOP STOCK SAGA RAGES "When I first saw it happen … when I really investigated what happened," he said, "they broke a tremendous amount of laws … "I think Robinhood’s out of business because the amount of lawsuits they’re gonna get right now, from every single person on both sides of it … They’ll say, ‘Wait, I couldn’t...
    Massachusetts Senator Elizabeth Warren spoke out against the RobinHood app’s decision to shut down access to GameStop stocks, telling MSNBC’s Tiffany Cross that “this is not right.” Sen. Warren became a hot topic on social media for her comments on the Gamestop chaos, and during an extensive interview on Saturday morning’s edition of The Cross Connection, spoke further on the trading flurry that roiled markets this week and prompted the Robinhood app to block its customers from buying the stock. Ms. Cross asked Sen. Warren to weigh in on the issue, and specifically singled out lawmakers who didn’t treat the Coronavirus pandemic “with the same urgency as these random day-traders impacting the bottom line of these wealthy hedge fund managers.” “Well, you’re right. we’re talking about a rigged system,” Warren said. “And it’s rigged in multiple ways.: It’s rigged in that over and over, Donald Trump stood up for a year and said “No, the coronavirus will magically go away, nobody’s going to die from it,” that he recommended bleach, and what kind of accountability was there? None. And as...
    UFCs Charles Rosa: Darrick Minner will be on losing end of grappling exchanges, thats a fact 12 Celebs You Didnt Know Were Adopted Confused about this GameStop saga? Here are the 5 things you need to know There was a lot to unpack in the deluge of news this week about GameStop, the stock market, Reddit groups, trading apps and hedge funds. If it all seemed like too much, we can't blame you for tuning out. © Shutterstock Wallstreetbets Reddit group seen on the smartphone screen and blurred background. Stafford, United Kingdom - January 27 2021. While we don't know just how the so-called Reddit rebellion will change the future of investing, it's safe to say Wall Street will never be the same. Load Error Here are five key things you need to know about Wall Street's wild week. 1. IT'S A DAVID VS GOLIATH STORY At the heart of the GameStop saga is a struggle between two drastically different groups of investors: A band of amateur day traders versus a bunch of Wall Street...
    More On: gamestop Google deletes thousands of negative Robinhood app reviews This Redditor made millions off GameStop, sparked market frenzy Facebook reverses course on banned Robinhood trading group ‘Dr. Frankenstein’ of short selling says his firm will make a major shift The Reddit-fueled GameStop insanity was far from game over Friday — as the retailer’s stock price resumed its market rollercoaster ride, the mastermind behind the Wall Street attack spoke publicly and one of the czars of short-selling admitted defeat at the hands of the mob. The struggling brick-and-mortar video-game retailer got a boost on Friday after Robinhood lifted its trading freeze and shares rose by as much as 114 percent to $413.98 at the opening bell. That price was down to $300 by 1:34 p.m. Now, the man behind the madness is revealed after rallying an army of average investors in the Reddit forum WallStreetBets under the name “DeepF–kingValue.” “I didn’t expect this,” Keith Gill, 34, a dad of two from Boston who recently worked for a life insurance company, told the Wall Street Journal. WallStreetBets, launched in...
    A British society promoting Robin Hood has gained more than 33,000 Twitter followers in a day after people confused it with US stock trading app Robinhood. The World Wide Robin Hood Society is an online-based group that promotes the legendary heroic outlaw and his connections with Nottingham and Sherwood Forest. The organisation which uses the handle @RobinHood started yesterday with less than 400 followers but gained 33,000 in 24 hours and now has more than 37,000. It comes after traders using the Robinhood app faced with restrictions when trying to buy stocks as brokers began to curb trading of shares linked to the Reddit frenzy. Two women stand next to a bronze Robin Hood statue in Nottingham on October 9 last year Online trading platform Robinhood has restricted trading in stocks that have soared recently The Robin Hood Society tried to clear up the confusion among its new followers with a tweet yesterday which said: 'Lovely to have all these new followers. RELATED ARTICLES Previous 1 Next ...
    The White House on Thursday ducked questions about the chaos in the stock market involving GameStop, which has seen its shares skyrocket this week thanks to a group of small investors on Reddit.  Over the last few days, a Reddit group called WallStreetBets that boasts some 4.7 million members has been an online rallying spot for those urging people to buy and hold GameStop shares, punishing short sellers by sending prices soaring.  Robinhood and Interactive Brokers then restricted trading in red-hot GameStop and other stocks that had soared this week. That dealt a blow to the army of retail investors taking on Wall Street professionals and prompted several policymakers to voice their concern.  As the chaos continued to spiral, CNN's Kaitlan Collins was the first to ask about press secretary Jen Psaki about the controversy.  'Given all the volatility surrounding Wall Street and GameStop, what is the Biden administration doing to protect the average American investor if there's going to be, potentially a major market correction?' Psaki dodged the question and instead referred reporters to an SEC statement.   Scroll down for video  ...
    Robinhood will pay $65 million to settle charges it misled customers over its revenue sources and failed to deliver the best execution of trades as promised, US securities regulators said Thursday. The Securities and Exchange Commission said in an order that the app routed orders to trading firms that overcharged users to execute transactions between 2015 and late 2018.  It resulted in $34.1 million in higher customer fees, the SEC said, as they found the firm made incorrect statements to customers about these practices. Robinhoof agreed to pay the civil penalty Thursday without admitting or denying SEC's findings. It comes just a day after regulators in Massachusetts claimed the wildly popular app targets and manipulates inexperienced investors.    The Securities and Exchange Commission on Thursday charged popuar stock trading app Robinhood for repeated misstatements that failed to disclose the firm's receipt of payments from trading firms for routing customer orders to them. They will pay a $65million fine Robinhood has soared in popularity during the pandemic as it touted the lack of trading commissions in customer communications.  Yet the SEC found...
    The Robinhood app on IOS and Android Source: Robinhood This is a developing story. Check back for updates. The Securities and Exchange Commission on Thursday charged Robinhood with deceiving customers about how the stock trading app makes money and failing to deliver the promised best execution of trades. Robinhood agreed to pay a $65 million civil penalty, without admitting or denying SEC's findings. The Silicon Valley startup, which has eventual plans to go public, has raised about $800 million in funding in 2020, lifting Robinhood's valuation to $11.2 billion. "Between 2015 and late 2018, Robinhood made misleading statements and omissions in customer communications, including in FAQ pages on its website, about its largest revenue source when describing how it made money – namely, payments from trading firms in exchange for Robinhood sending its customer orders to those firms for execution, also known as 'payment for order flow,'" the SEC statement read. "One of Robinhood's selling points to customers was that trading was 'commission free,' but due in large part to its unusually high payment for order flow rates, Robinhood customers' orders were executed at prices that...
    Call it the revenge of the small investor. For months now, small retail investors have been ridiculed by Wall Street professionals for being hyperactive traders — addicted to risk and hopelessly irrational. But just released academic research finds that, as a group, they’ve outperformed the market. Yes, you read that right. The research, conducted by Ivo Welch, a finance professor at UCLA’s Anderson Graduate School of Management, is entitled Retail Raw: Wisdom of the Robinhood Crowd and the Covid Crisis. The National Bureau of Economic Research recently began circulating it in academic circles. For the study, Welch obtained data reflecting all trades over the three-year period from mid-2018 to August 2020 at Robinhood, the online retail brokerage firm. Though he did not have data on the actual composition of each individual’s portfolio at the firm, Welch was able to see the number of individual accounts that owned each individual stock. (The data was collected, with Robinhood’s tacit blessing, by the website Robintrack.com.) Armed with this data, Welch constructed a hypothetical portfolio that weighted each stock according to the number of...
    As the twin black swans of the coronavirus pandemic and the historic oil price collapse rocked financial markets early in 2020, opportunities emerged. So did media narratives. One of the most popular: that bored young people, stuck at home with no access to sports or bars or live entertainment, went day-trading instead, in many cases with an online brokerage that seems tailor-made for the Gen-Y set: Robinhood. While there’s plenty of evidence that handfuls of millennials are day-trading, and in some cases losing a lot of money, with sad and shocking outcomes, their numbers and any impact they may be having on the market is less certain. What’s more, for anyone who’s spent a career observing and helping fine-tune the infrastructure behind financial market trading, some of the discussion about what’s actually going on isn’t informed, or helpful, according to one analyst. “There is a narrative out there that somehow Robinhood was doing something nefarious to make money off their clients in a way that was illegal or unethical or outside the norm,” said Dave...
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