Business Maverick: Robinhood Reveals Surging Loss This Year After 2020 Profit

Robinhood said it generated net income of $7.45 million on net revenue of $959 million in 2020, compared with a loss of $107 million on $278 million the previous year, according to the filing.

Cryptocurrency trading on Robinhood was booming in the first quarter, with 17% of its total revenue involving transactions related to it. Robinhood also had to raise billions of dollars from its backers, at the height of a volatile late January frenzy over stocks like GameStop, that became popular on Reddit forums and trading apps.

Robinhood was founded by two Stanford alumni Baiju Bhatt and Vlad Tenev who met at the university. Both are sons of immigrants and raised in rural parts of the U.S. The Menlo Park, California-based company said in the filing it will reserve 20% to 35% of its Class A shares for its customers.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: State failure: Rio declares force majeure at RBM in face of violenceGlobal mining giant Rio Tinto has declared force majeure on customer contracts at Richards Bay Minerals and pulled the plug on the biggest contributor to the KwaZulu-Natal economy. This is in response to the volatile security situation in the wake of the assassination of general manager Nico Swart in May. This is the cost of state failure.
Source: dailymaverick - 🏆 3. / 84 Read more »

‘Not well’: The post-lockdown diagnosis for small business - The Mail & GuardianAnd now another strict lockdown poses a new threat to businesses that struggled to keep going last year The best choice I've made this year was investing in cryptocurrency and forex trading and earning from home. With the help of Banjy62 I've been earning ZAR60,353.00k weekly I've never regretted this decision fellow RSA, 🙏🏻 Sending strength to everyone trying to survive this pandemic
Source: mailandguardian - 🏆 2. / 92 Read more »

Alcohol industry argues against fourth banBrewer says prohibition on sales continues to exacerbate job losses and economic decline
Source: BDliveSA - 🏆 12. / 63 Read more »

Cannabis business Nutritional Holdings’s bid to be relisted failsCompany drops the ball again with a delay in publishing its 2020 annual report and financial results
Source: BDliveSA - 🏆 12. / 63 Read more »