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Investment app behind Robinhood fiasco buys Super Bowl ad

The ad will run at a precarious time for Robinhood. Last week, Robinhood outraged users and lawmakers by prohibiting purchases of GameStop, AMC and other favorites of the WallStreetBets Reddit group that disrupted parts of the financial markets. Hours later, Robinhood raised $US 1 billion ($1.3 billion) from existing investors in a move that signalled a cash crunch. Days later, the free-trading app raised an additional $US 2.4 billion ($3.14 billion) from investors — a massive sum underscoring the intense financial pressures suddenly facing the company. READ MORE: Online trading platform Robinhood(AP) Robinhood s decision to curtail certain trades prompted users to file a class-action lawsuit claiming the company s actions unfairly rigged the market against its own customers.

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