Robinhood Seeks Advisers for Potential IPO Next Year

(Bloomberg) — Robinhood Markets, the trading platform that’s proved popular with novice investors, has asked banks to pitch for roles in an initial public offering, according to people with knowledge of the matter.



a close up of a device: The logo for Robinhood is displayed on a smartphone in an arranged photograph taken in the Brooklyn borough of New York, on Oct. 12.


© Photographer: Gabby Jones/Bloomberg
The logo for Robinhood is displayed on a smartphone in an arranged photograph taken in the Brooklyn borough of New York, on Oct. 12.

The company is aiming to go public as soon as the first quarter of 2021, said the people, who asked not to be identified because the information is private.

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The company’s plans could change and it might decide not to pursue an IPO, the people said.

A representative for Robinhood declined to comment.

Robinhood raised an additional $460 million in a series G funding round, lifting its valuation to $11.7 billion, the company said in September. Robinhood’s investors include Sequoia, DST Global, Ribbit Capital, Andreessen Horowitz, Index

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Robinhood is lining up advisers for a possible 2021 IPO: Bloomberg

Robinhood may be making the first moves in its long-targeted initial public offering.

The stock-trading startup has asked banks to submit proposals to advise an IPO, Bloomberg news reported Tuesday, citing unnamed sources “with knowledge of the matter.”

According to Bloomberg, the listing could happen as soon as the first quarter of 2021, as an end to the Trump administration soothes anxious investors’ nerves and helps markets slowly return to record highs. Airbnb and DoorDash notably both filed prospectuses this month.

A Robinhood spokesperson declined to comment on the report. It’s also possible plans for an IPO are disrupted.

Preparations to go public aren’t new for Robinhood, and CEO Baiju Bhatt said as early as 2018 that the company was looking towards an eventual IPO. More than two years later, the startup is now worth close to $12 billion following its latest funding round in September.

Read more: Steve Cohen’s

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Biden’s science advisers to meet with vaccine makers in coming days

WASHINGTON — Joe Biden’s scientific advisers will meet with vaccine makers in coming days as the presidential transition remains stalled because of President Donald Trump’s refusal to acknowledge that he lost the election. That delayed handoff is especially problematic during a public health crisis, the government’s top infectious disease expert said.

“Of course it would be better if we could start working with them,” said Dr. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases who has been through multiple presidential transitions during 36 years of government service. He likened the process to runners passing on the baton in a relay race. “You don’t want to stop and then give it to somebody,” he said. “You want to just essentially keep going.”

The president-elect’s outreach to the vaccine manufacturers comes as the coronavirus pandemic in the United States has entered perhaps its most dangerous phase. The seven-day

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Financial Advisers Faulted For Deficiencies In Vast Majority Of SEC Exams

The vast majority of financial adviser firms were faulted for deficiencies in exams by the Securities and Exchange Commission, the SEC announced today.

The negligence among those companies came in compliance policies and procedures deficient because of inaccuracies due to the  inclusion of  outdated information, such as references to entities no longer in existence and personnel that had changed roles and responsibilities and/or compliance directives not implemented or enforced in all branch offices, the SEC explained in a risk alert.

Additionally, more than half of the advisers examined were cited for portfolio management violations including failure to disclose conflicts of interest. such as expense allocations that appeared to benefit proprietary fund clients over non-proprietary fund clients, according to the report.

The regulator said it uncovered advisers which did not have policies and procedures that limited the ability of staffers to process withdrawals and deposits in client accounts, change client addresses

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Covid-19 news: UK science advisers warn of rising deaths in England

Lit-up pods, each catering for up to six people, at the Rockwater Igloo Village bar and restaurant in Hove, UK
Pods, each catering for up to six people, at the Rockwater Igloo Village bar and restaurant in Hove, UK

Luke MacGregor/Bloomberg via Getty Images

Latest coronavirus news as of 5 pm on 3 November

UK chief science adviser warns deaths could pass spring peak in six weeks without action

The UK’s chief scientific adviser warned that England could see coronavirus deaths rise above levels seen during the first wave peak by mid-December if no action is taken. Patrick Vallance was answering questions from the Commons Science and Technology committee alongside England’s chief medical officer Chris Whitty. Vallance also cautioned that hospitalisations could pass first wave levels by the end of November, and Whitty said some hospitals in the north of England are already seeing more coronavirus patients than

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