Despite detractors and challenges, smartphone stock brokerage Robinhood is seeding the next generation of investors and entrepreneurs.his afternoon the stock brokerage trading app Robinhood will issue shares in a public offering that values the eight year old company at some $32 billion.
Robinhood’s mission, oft repeated, is to “democratize finance for all” and the fact that more than 22 million people — most of them first time investors—have already funded Robinhood accounts is strong evidence of mission accomplished. After all, according to the most recent data from the Federal Reserve only 14% of Americans own stocks directly and slightly more than 50% are invested in stocks indirectly via funds.
Finally, Robinhood has done a poor job handling its customers’ trades, for which it has paid over $130 millions in fines, settlements and penalties. The trading platform was all but inoperable during the most volatile trading days of the Coronavirus crisis, leading to numerous class action lawsuits, which remain ongoing.
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