Robinhood’s highly anticipated public offering fizzled on Thursday. Shares in the stock-trading start-up opened at $38, but ended the day down 8.4 percent. The decline reflected investors’ skepticism of Robinhood’s grand mission of upending Wall Street. As part of that mission to democratize investing, Robinhood offered as many as a third of its initial shares to its customers through its app. That could have reduced a first-day trading “pop,” which is typically driven by retail investors who were shut out of an initial public offering. Robinhood ended Thursday with a value of around $29 billion — still not bad for an eight-year-old company.

The pandemic has been terrible for the world, but it’s been great for Silicon Valley companies. Alphabet and Microsoft both announced record profits last week. Alphabet, Google’s parent company,…

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