Robinhood Reveals Surging Loss This Year After 2020 Profit
- First-quarter loss of $1.44 billion run up in meme stock craze
- Robinhood to have triple-class share structure after IPO
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Robinhood Markets Inc. filed for an initial public offering, disclosing it became profitable last year only to have its losses skyrocket in the first quarter amid the so-called meme stock frenzy, in what’s expected to be one of the highest-profile listings the year.
The company, which pitches its trading platform to novice investors, listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. Thursday’s registration statement follows Robinhood’s announcement in March that it had filed confidentially to go public.