{"id":312033,"date":"2021-07-30T13:02:44","date_gmt":"2021-07-30T10:02:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-friendly-app-robinhood-loses-8-in-public-nasdaq-debut\/"},"modified":"2021-07-30T13:02:44","modified_gmt":"2021-07-30T10:02:44","slug":"crypto-friendly-app-robinhood-loses-8-in-public-nasdaq-debut","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-friendly-app-robinhood-loses-8-in-public-nasdaq-debut\/","title":{"rendered":"# Crypto-friendly app Robinhood loses 8% in public Nasdaq debut"},"content":{"rendered":"

“# Crypto-friendly app<\/a> Robinhood loses 8% in public Nasdaq debut <\/strong>”
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Shares of cryptocurrency-friendly trading app Robinhood dropped more than 8% in its public Nasdaq debut on Thursday, marking one of the worst initial public offering (IPO) debuts of its size.<\/p>\n

Robinhood\u2019s HOOD stock tumbled 8.4% below the IPO price in the company\u2019s first trading session on July 29, dropping from $38 to $34.82. The company went public on Nasdaq at a $32 billion valuation to see its market capitalization fall to $29 billion after the HOOD stock ended the session below $35.<\/p>\n

According to data compiled by Bloomberg, the company\u2019s first trading day marked<\/a> the worst debut on record among 51 firms in the United States that raised as much cash as Robinhood or more. The company reportedly flipped the 2007 IPO by MF Global Holdings brokerage as the worst debut among qualifying firms, which ended its first day down 8.2%.<\/p>\n

According to a CNBC report, Robinhood sold<\/a> 52.4 million shares, raising nearly $2 billion, with co-founders Vlad Tenev and Baiju Bhatt each selling about $50 million worth of stock. Unlike traditional IPOs with a six-month lockup period, Robinhood will allow its employees to sell 15% of its shares immedia<\/a>tely after the public debut. Investors will be reportedly able to send another 15% after three months.<\/p>\n

Commenting on Robinhood\u2019s public market debut, CEO Tenev stressed<\/a> that the company was launched with a mission to democratize finance for all. \u201cWe built a mobile-first product that didn\u2019t charge commissions or require account minimums. We didn\u2019t build Robinhood for the rich or those with decades of experience,\u201d he noted. Tenev promised that Robinhood will \u201cremain the same\u201d and keep its focus on its customers as the firm is moving forward as a public company.<\/p>\n

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As we move forward as a public company, that will remain the same. Our focus remains on you. We recognize the trust that you have put in us, and we will continue working hard every day to earn that trust.<\/p>\n

\u2014 VLAD (@vladtenev) July 29, 2021<\/a><\/p><\/blockquote>\n