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AP News in Brief at 6:03 p m EDT

Biden orders tough new vaccination rules for federal workers WASHINGTON (AP) — President Joe Biden on Thursday announced sweeping new pandemic requirements aimed at boosting vaccination rates for millions of federal workers and contractors as he lamented the “American tragedy” of rising-yet-preventable deaths among the unvaccinated. Federal workers will be required to sign forms attesting they’ve been vaccinated against the coronavirus or else comply with new rules on mandatory masking, weekly testing, distancing and more. The strict new guidelines are aimed at increasing sluggish vaccination rates among the huge number of Americans who draw federal paychecks — and to set an example for private employers around the country.

Fast-growing, controversial Robinhood set for market debut

Robinhood has said its mission is to “democratise finance for all”, and that stretches to its plan for the company’s debut on public markets on Thursday. The online investment platform, which is expected to begin trading under the ticker symbol “HOOD” on the Nasdaq, has set aside up to 35 per cent of the shares under its initial public offering for sale to its users. Individual investors are normally excluded from IPOs, making Robinhood’s move the latest rupture with tradition in its speedy rise that has only accelerated during coronavirus pandemic. On Wednesday night, the company said it raised $1.9 billion (€1.6bn) in an initial public offering priced at $38 per share, at the low end of the range in its prospectus.

Robinhood (HOOD) drops 8% on IPO Day 1

Robinhood (HOOD) drops 8% on IPO Day 1 Source: 9to5Mac How did it perform on day 1? The online stockbroker began trading at $38 per share, at the bottom of its range, valuing the business at $32 billion. Robinhood’s market value was about $29 billion after falling as much as 10% and ended the day at $34.82. The online brokerage, which trades under the ticker HOOD for the first time, has entered the public markets it aims to democratise for novice investors. On Wednesday evening, Robinhood, a stock trading app that has grown in popularity among retail investors, sold shares in its first public offering at $38 a share. Robinhood is worth 10.5 times expected EBITDA.

Robinhood falls in Nasdaq debut

Friday 30 July 2021 - 7:25am Trading app Robinhood. AFP/Olivier Douliery NEW YORK - Robinhood had a rough start on Wall Street, falling sharply in its Nasdaq debut after the fast-growing online trading app raised $1.9-billion in an initial public offering. The Silicon Valley company, launched in 2013 by two friends who met at Stanford University, has billed itself as an accessible and fun platform for young and first-time investors, leading to outsized growth during the coronavirus pandemic. But the company, which now has a valuation of around $32-billion, has also drawn skepticism over its business model and criticism from key regulators over its practices. 

Robinhood just went public Warren Buffett, Michael Burry, and other top investors have blasted the trading app and warned day traders to be careful

Robinhood just went public Warren Buffett, Michael Burry, and other top investors have blasted the trading app and warned day traders to be careful
businessinsider.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsider.com.au Daily Mail and Mail on Sunday newspapers.

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