Robinhood lobbying targets legislation that could hurt its business model

The trading startup registered its in-house team to start lobbying on Feb. 5, according to a new registration report reviewed by CNBC.

The stock-trading startup registered its in-house team to begin lobbying on Feb. 5, according to a new registration report reviewed by CNBC. Robinhood has grown into one of Silicon Valley's most valuable private start-ups. It was last valued at $11.7 billion with backers including Sequoia and Andressen Horowitz. Despite the trading chaos and pushback in January, multiple venture capital investors told CNBC the company is still on track for an IPO in 2021.

The two lobbyists listed on the new filing are Beth Zorc, the associate general counsel of Robinhood, who has prior experience at Wells Fargo and the Senate Banking Committee, along with Lucas Moskowitz, the company's deputy general counsel. Moskowitz previous work included a stint as chief of staff to former Securities and Exchange Commission chairman Jay Clayton.

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Senate probes Robinhood business model at GameStop hearingThe Senate is probing Robinhood's business model at the GameStop hearing. $GME volatility shows “the stock market is detached from the economy and the reality of most Americans’ lives,' Sen. Sherrod Brown said. Did he figure that out all by himself? Tell them to piss off, professionally. The stock market has been detached since summer of 2020, but all of a sudden when swarms of retail traders are able to capitalize on a trade, all of a sudden it's 'detached'. From March 23, 2020 to now, the $SPY has risen from ~$220 to $389. Yes. It shows people will take a large risk to get out of the depths also. Aka the job market and shit ain’t providing. In laments terms.
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