Matt Levine, Columnist

Robinhood’s Investors Have Fun

Dogecoin, options, PFOF, convertibles, securities lending, retail participation and a newsletter.

July 2, 2021 at 11:59 AM EDT

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Programming note: I said yesterday that there would not be a Money Stuff today, but the Robinhood S-1 dropped yesterday, so we might as well talk about it for a bit. Regular programming resumes on Tuesday.

It is probably a lazy oversimplification to say that the first half of 2021 was a huge moment for Meme Finance, that Robinhood Markets Inc. is the leading brokerage of Meme Finance, and that Robinhood is going public now to cash in on the moment at its absolute peak. But it is the case that Robinhood’s registration statement on Form S-1 includes this risk factor:

Before it’s here, it’s on the Bloomberg Terminal

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