Robinhood begins trading and swiftly falls 10%

The controversial trading platform opened at $38 on Thursday, matching its initial public offering price. That suggests Wall Street bankers priced the IPO correctly but that demand is lukewarm.Robinhood quickly broke below the IPO price and swiftly dropped about 10% before bouncing back in volatile trading.The fast-growing trading company failed to raise as much money as it had hoped. Robinhood’s initial public offering priced at $38 a share, the low end of the expected range. The deal values Robinhood at about $32 billion, making it more valuable than major companies including Nasdaq (NDAQ), Southwest Airlines (LUV) and Kroger (KR). That’s well above the $12 billion price tag Robinhood scored

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