Robinhood Made Nearly $700 Million By Selling User Data To Hedge Funds
And in the end Robinhood seems to have saved the hedge funds not the Robinhooders.
(From The Daily Caller)
The company makes money by selling its order flow — information about user transactions — to third party clients who actually enact trades with access to user data…
…Trades may be commission free for Robinhood users but they are actually sold to “market makers” that often used their position as the middle man to generate profit, according to the Financial Times.
This article was originally posted here: https://www.ac2news.com/2021/02/robinhood-made-nearly-700-million-by-selling-user-data-to-hedge-funds/.
