Robinhood files confidential paperwork to go public

(CNBC) Robinhood has filed confidential paperwork to pursue an initial public offering (IPO), a source familiar with the matter told CNBC on Tuesday. Robinhood later confirmed the move in a blog post. The company has experienced a whirlwind start to the year as the pandemic helped draw new retail investors to its stock trading app. During a Reddit-fueled trading frenzy in January, Robinhood added 3 million users, JMP Securities estimated.

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