Robinhood Falls in Debut as Retail Investors Keep Distance

Trading app’s shares sink 8.4% after $2.1 billion IPO
CEO Tenev says he isn’t thinking about market in ‘short term’

Robinhood CEO Tenev on ‘Humbling’ Moment of IPO

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By Crystal Tse, Katie Roof, and Annie Massa

July 29, 2021 at 4:35 PM UTC

Updated on

July 29, 2021 at 8:33 PM UTC

This article is for subscribers only.

Robinhood Markets Inc. ended its first day as a public company 8.4% below its initial public offering price after failing to win over some of the very retail investors it’s courting for long-term growth.

The online trading platform focused on making investors out of millennials slid as much as 12% in its trading debut Thursday after a $2.1 billion IPO priced at the bottom of a marketed range.