Robinhood falls in Nasdaq debut

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Robinhood falls in Nasdaq debut eNCA

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NEW YORK - Robinhood had a rough start on Wall Street, falling sharply in its Nasdaq debut after the fast-growing online trading app raised $1.9-billion in an initial public offering.

But the company, which now has a valuation of around $32-billion, has also drawn skepticism over its business model and criticism from key regulators over its practices. The company had set aside 20 to 35 percent of shares for customers in the initial offering, an unusually large portion for individual investors. But Tenev declined to provide the level of participation.

Individual investors using the app played a role in the so-called"Reddit Rebellion" earlier this year when retail investors on the social network joined forces to support beaten-down stocks such as GameStop and BlackBerry to fight back against institutional investors.The company has significantly grown its user base during the pandemic, more than doubling the number of accounts to 18 million at the end of March.

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