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The huge infusion—the $3.4b raised since last Thursday is more than the company has raised in total up until that point—gives Robinhood a war chest to cover a surge in collateral requirements stemming from the trading boom. It should also allow the company to support the hundreds of thousands of new accounts users opened since last week and to remove many of the trading restrictions that angered customers of the popular brokerage.
In an interview posted online late Sunday, Robinhood Chief Executive Vlad Tenev said the clearinghouse initially asked for $3 billion to back up the trades—“about an order of magnitude more than what it typically is.” He spoke Sunday night in an interview alongside Tesla Inc. boss Elon Musk on a live stream of Clubhouse, an invitation-only social-networking app popular in Silicon Valley.
https://www.wsj.com/articles/robinhood-raises-another-2-4-billion-from-shareholders-11612197680
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