Few companies embodied the market mania of the past two years quite like
Markets Inc.
The flashy online brokerage ushered in an investing revolution at the start of the Covid-19 pandemic that, for the first time in decades, made trading cool. Robinhood’s easy-to-use interface hooked millions of Americans on buying and selling stocks, options and cryptocurrencies. A raging bull market helped turn many newbie investors’ trades into wins.
Good times for customers meant good times for Robinhood. The more customers traded, the more revenue Robinhood raked in. By last summer, it boasted more than 22 million funded customer accounts, had opened offices around the country and was preparing for an initial public offering of its stock.
Then the party ended.
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