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Robinhood reveals it lost $1.4bn to GameStop chaos as it files for IPO


Robinhood reveals it lost $1.4bn to GameStop chaos as it files for IPO
The trading app will reserve up to 35pc of its float shares for its customers, who now have $81bn of assets in its custody
2 July 2021 • 12:55am
Robinhood made a loss of $1.4bn (£1bn) in the first three months of this year amid the GameStop chaos, the stock trading app revealed as it applies to go public.
A massive buying frenzy driven by retail investors on Reddit forced Robinhood to raise emergency funds that cost it $1.5bn and tanked its finances for that quarter, according to paperwork filed with US regulators on Thursday. ....

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PlayStation Network's 24 days of downtime | 10 Years Ago This Month


The games industry moves pretty fast, and there s a tendency for all involved to look constantly to what s next without so much worrying about what came before. That said, even an industry so entrenched in the now can learn from its past. So to refresh our collective memory and perhaps offer some perspective on our field s history, GamesIndustry.biz runs this monthly feature highlighting happenings in gaming from exactly a decade ago.
More like PlayStation Notwork
It didn t seem like a big deal at first. After all, outages on various gaming networks are semi-common to this day, and the PlayStation Network of 2011 was not exactly known for reliability. The timing was unfortunate, coming right on the heels of anticipated PS3 releases like Portal 2 and SOCOM 4: US Navy SEALs, but frustrated gamers could no doubt find something else to do, get a good night s sleep, and give those games online functionality another shot the next day. ....

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