Bulletins

Robinhood plunges 28% as post-IPO rally fizzles

Like the meme stocks whose trading it has facilitated, Robinhood shares are proving volatile.

Robinhood employees and executives

Robinhood shares plunge more than 20%

Photo: Nasdaq

Shares of Robinhood plunged again on Thursday, abruptly ending a rally that appeared to signal the online broker was bouncing back from last week's dismal public trading debut.


Robinhood's stock fell 28% to close at $50.97. The stock had been rising this week, after a disappointing IPO last week when Robinhood shares dropped 8% from its IPO price of $38 on its first day of trading. Shares of HOOD climbed to $70 as of Wednesday, surging 100% for the week.

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The CFPB granted Payactiv “special regulatory treatment” in December 2020 to offer “earned wage access” products that would allow employees to obtain wages they already earned before payday.

Payactiv gets paid back through a payroll deduction from the employee’s next paycheck. The company makes money through fees.

The CFPB said it had informed Payactiv early this month that it was “considering terminating the approval order in light of certain public statements the company made wrongly suggesting a CFPB endorsement of its products.”

The company requested that the CFPB end the sandbox order after notifying the agency that it planned to modify its product fee model, the CFPB said.

The move underlined the CFPB’s increasingly critical view of sandbox deals that the agency said “proved to be ineffective.”

Safwan Shah, Payactiv's founder and CEO, is credited with coining the term "earned wage access," which has been criticized by consumer advocates as being potentially predatory, especially when it comes to workers who don’t make much money.

Shah has argued that it benefits ordinary workers, citing a dieting principle: "The less you are paid, the more frequently you should be paid," he told Protocol in a 2021 interview. "If you're going to eat 500 calories, don't eat them in one sitting. Spread them throughout the day."

Correction: This story has been updated to correct the spelling of Payactiv's name. This story was updated June 30, 2022.

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Bulletins