The halt was imposed due to extreme swings amid volatility, causing confusion on social media that wrongly blamed Robinhood. The trading resumed around 12:37 pm ET.
Robinhood's Investor Relations
Robinhood CEO Adam Aaron has been trying to connect with retail traders through Twitter to promote their upcoming IPO. The company is gearing up its investor portal for the over 3 million retail investors who make up its shareholder base. The company had announced a $230 million stock sale one day before and offered its investors free popcorn.
Robinhood IPO Imminent
Robinhood, preparing for its initial public offering, came under fire in January for halting trading shares of meme stocks like AMC and GameStop to preserve liquidity. The move sparked outrage among retail customers and led to Congressional hearings and statements from the Treasury Department and the SEC. Additionally, the trading app has recently experienced technical glitches related to heavy cryptocurrency trading.
