Robinhood has sunk in its initial public offering after failing to win over the retail investors its needs for its long-term growth
The online trading platform dropped as much as 12 percent, before rising closer to its $2.1 billion IPO
Robinhood promotes itself as the go-to platform for young millennials who are looking to crack into the share market.
It shares opened at the $38 offer price, but fell to around $35 which gave the company a $31 billion market value when you take into account employee stock and other holdings.
This figure is well below the $36 billion valuation the world was waiting for.
Analysts say the trading app had a large portion of shares allocated to retail stock buyers… and ended up selling around 25 percent of these, not the 35 percent that was set aside.
The IPO was also plagued by Reddit users, with users urging other investors to avoid Robinhood altogether.
It comes as investors may start to doubt whether or not the platform can actually deliver on its promise to “democratise” and expand access to capital markets.
William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly ticker Weather + Climate segment.
With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'.
A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.
As frustrated customers take their anger out on the remaining airport checkin staff, airline executives are being forced onto the front line to face customers.
The return of summer in Europe has been overshadowed by travel chaos, leaving passengers frustrated and often out of pocket.
Thousands of people have been left to battle airport queues that last hours, long delays and thousands of cancellations.
Airports and airlines face staff shortages forcing them to reduce the number of scheduled flights – often at short notice.
It’s a global problem, with airports and airlines rushing to hire back the thousands of positions they axed at the start of covid.
But how do you do it, and how long until things return to normal?
New reports reveal that Facebook has handed over data to police to help criminally punish a teenager for seeking to get an abortion
The tech giant turned Celeste Burgess’ Facebook message’s into the authorities, where she is being charged for “removing and abandoning a dead human body.”
The 17-year-old lives in Nebraska where abortion isn’t illegal, but the abortion happened via medication at 23 weeks.
Nebraska has a 20 week pregnancy cut off date, and the medication also warns against medical abortion past this time.
The teen’s mother is also facing 5 charges.
This comes amid widespread controversy after the historic Roe v Wade ruling was overturned in the United States.