Twitter has found yet another topic of interest as retail brokerage app, Robinhood makes its Nasdaq debut. In fact, the Robinhood IPO was among the much-anticipated listings to come forth this year. The company which is valued at $32 billion is quite popular in the American online brokerage domain and claims to have a user base of about 22.5 million. In its initial public offering, the shares were sold for $38 each and it managed to raise a total of $2.1 billion.
Robinhood or Robbing the hood?
Robinhood had turned heads earlier this year with its meme stock frenzy and now with this much-anticipated IPO coming forth, it has become a raging topic of discussion. The company well known for its goal of making investors out of millennials priced its IPO at a rate that was quite below the marketing range. Despite the risky factors, it cannot be denied that the journey of two dorm mates to a $32 billion Nasdaq IPO is quite worthy of appreciation and it continues to challenge the grip of Wall Street on the retail investor.
However, these achievements are not free of the looming shadow of controversy. The company is facing allegations concerning its registration with the Financial Industry Regulatory Authority(FINRA). In fact, Vlad Tenev’s (co-founder) cellphone was seized by federal investigators earlier this month. Another stain on the face of the company is the fact that a joint FINRA/Securities and Exchange Commission investigation is underway to delve into the details regarding share trading. There is a looming doubt of whether the shares were traded even before restrictions were imposed on the customers. Added to this is the whopping fine charged by FINRA on the company that amounted to $57 million. This was owing to the incorrect account balance shown by the company which caused significant damages for the customers. When all is said and done, it is hard to ascertain what outweighs what. Whether it is the controversies that overshadow the achievements or vice-versa.
Responses on Twitter
It is a known fact that Twitter beats energetically to the rhythm of any news that is in the spotlight. And quite naturally it has taken up the case of Robinhood IPO with interest. Here are a few reactions and responses from Twitter following the news.
A perfect example of the neutralizing effect.
BREAKING: Robinhood IPO is today ticker ‘HOOD’ on NASDAQ.
ALSO BREAKING: Robinhood pays record fine to regulators for robbing the hood.
— Genevieve Roch-Decter, CFA (@GRDecter) July 29, 2021
We should probably start a “try not to laugh” challenge.
— Trung Phan 🇨🇦 (@TrungTPhan) July 29, 2021
Not a very pretty picture.
— CNBC Now (@CNBCnow) July 29, 2021
My question is, how do they find the perfect pictures tailor-made to fit the situation?
Robinhood management watching its IPO pic.twitter.com/kxHTwKbLHn
— FinTwit (@FinTwit__) July 29, 2021
Robinhood IPO is offering a compare and contrast session. One moment, it is the slap on the face of the company, and the next, it is the slap on the face of someone else.
Robinhood’s IPO approval is the biggest slap in the face for retail investors since the removal of the buy button in January.
— Kofi (@financialape) July 29, 2021
Talk about jinxing things. Looks like it worked.
Fuck off Robinhood. I hope your IPO sales get frozen during trading lmao pic.twitter.com/ec5iszPLB5
— El Oshcuro (@DaveOshry) July 29, 2021
Let’s wrap up with a fine sarcastic statement. It is sarcasm, isn’t it?
My inbox contains A LOT of experts who want to tell me their thoughts on the Robinhood IPO.
— Dan Primack (@danprimack) July 27, 2021