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Why Robinhood shares fell in the first day of trading ...Middle East
The debut of Robinhood—the controversial brokerage that ignited an explosion in retail trading—on the public stock market was expected to be a wild ride. Instead it fizzled.Robinhood wilted 8.4% to $34.82 per share yesterday after the company’s IPO initially priced the stock at $38, which was the bottom of the expected range. CEO Vladimir Tenev, whose eight-year-old brokerage helped introduce a new generation to financial markets, made as much as 35% of the shares available to retail investors (normally, institutional investors get dibs on fresh shares), but only ended up allocating some 20% to 25% of the stock to them, according to Bloomberg.Tenev’s brokerage is far from the only company wi
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