Robinhood took a $57 million hit after a glitch allowed its customers to short a surging meme stock
ended up down $57 million in a single day after a glitch let its trading app customers temporarily short a meme stock, according to company executives.'s share price tripled on December 16, when a 1-to-25 reverse stock split for the healthcare company went into effect.
Robinhood covered the short using its cash the same day, incurring a $57 million loss from the incident. Its users aren't normally allowed to short stocks. The loss suffered by Robinhood tops Cosmos' current total market capitalization, with the healthcare stock valued at $56 million as of Wednesday's closing bell.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Robinhood accidentally sold short on a meme stock and lost $57 millionRobinhood accidentally sold short on a small stock as it went on a meme-like ride in December, costing the trading app more than the stock's market cap today
Read more »
Robinhood expected to report record revenue despite sour markets: PreviewRobinhood will report its fourth quarter results on Wednesday with the company expected to hit its highest quarterly revenue to date.
Read more »
Robinhood Board Authorizes Purchase of Shares Bought by FTX’s Sam Bankman-Fried, Gary WangRobinhood’s board of directors authorized the company to pursue purchasing most or all of the 55 million shares that a holding company for former FTX execs Sam Bankman-Fried and Gary Wang bought in May 2022. By NelWang
Read more »
Robinhood cleared to buy FTX founder Sam Bankman-Fried's stock, sending shares higherRobinhood reported Q4 results that missed expectations, but the company's co-founders said they canceled nearly $500 million in share-based compensation.
Read more »
Robinhood board approves plan to buy back Sam Bankman-Fried's $578 million stakeRobinhood will work with the Department of Justice to purchase Sam Bankman-Fried's shares, which amount to 7% of the company.
Read more »
Robinhood’s Crypto Revenue Declined 24% to $39M in Q4Robinhood’s crypto revenue declined 24% to $39 million in the fourth quarter, according to its latest earnings report. $HOOD By NelWang
Read more »