The volatility has come as many on Wall Street and Main Street still look to make sense of what some are calling the latest meme stock. Retail investors have recently gobbled up shares, while the likes of Cathie Wood, Ark Invest's prominent CEO, are helping buoy the stock among institutional investors.
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Robinhood shares slide 28% after big investors file to unload stakes
"What's dragging down the stock, and this often happens when you have a filing like this, is the uncertainty," said Erickson, who is now a senior fellow at the University of Pennsylvania's Wharton business school.
