And yet
Robinhood raises another $2.4 billion as broker app deals with retail trading frenzy
Quote:
Discount online brokerage Robinhood said Monday it has raised another $2.4 billion from investors amid the extreme bouts of market volatility.
The $3.4 billion it has mobilized since Thursday exceeds the total amount it has raised since its founding in 2013.
“This funding is a strong sign of confidence from investors and will help us build for the future and continue to serve people through the exponential growth we’ve seen this year,” the company said.
“We’re witnessing a movement of everyday people taking control of their own financial futures, many investing for the first time through Robinhood.”
It said it will use the new funding to expand its programs on financial literacy.
“With this funding, we’ll build and enhance our products that give more people access to the financial system,” the company’s statement said.
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Trans: this funding is a strong sign of confidence from the system that we are part of the system and that we are a useful tool in regulating the ability of plebs to interact with the system while milking them like cows