Investing Simple Logo
Get 1 Free Stock Worth Up To $200 From Robinhood!
Sign up with Robinhood, deposit any amount and get 1 Free Stock. It takes less than 3 minutes to sign up and claim your Free Stock Bonus.
Earn 5.00% APY with M1 High-Yield Savings Account
M1 Plus members can earn 5.00% APY on their deposits with no minimum balance required.
Webull free stock promotion
Get Up To 5 Free Stocks From Webull
Open a new Webull brokerage account today and deposit any amount of money to receive 5 free stocks. Webull offers commission free stock, ETF, option and crypto trading.
Written by Sam Pennington on March 23, 2023
FTC Disclosure: Some of the links on this site are affiliate links. Read our full disclaimer here.

How Many People Left Robinhood After Meme Stock Mania?

In 2021, Robinhood found itself at the center of a major controversy involving the trading of popular meme stocks such as GameStop and AMC.

The trading platform decided to halt buying for these securities, sparking outrage among its users and leading to a mass exodus from the app.

Limited Time: Robinhood 1% Transfer Bonus

If you transfer an existing brokerage account to Robinhood through January 31st 2024, you can get an Unlimited 1% Transfer Bonus.

Robinhood Transfer Bonus

For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.

In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.

How Many People Left Robinhood?

But just how many people left Robinhood as a result of the scandal?

According to reports, the company lost over 1 million users from 2021 to 2022. This was a significant blow for the platform, as user growth had been a key driver of its success up to that point.

Furthermore, revenue from equities trading was down 73% during that same timeframe.

Many users were unhappy with Robinhood's handling of the meme stock trading frenzy, and some felt that the platform had betrayed its commitment to democratizing investing.

Continued Growth

Despite the negative publicity and loss of users, Robinhood has managed to weather the storm and continue its growth into 2023.

The platform has continued to innovate and add new features to its app, such as the ability to buy fractional shares and trade cryptocurrencies.

In addition, Robinhood has made efforts to rebuild trust with its users by being more transparent about its policies and procedures.

For example, the company recently published a blog post explaining how it makes money and addressing some of the common misconceptions about its business model.

Overall, while the Robinhood scandal may have caused a significant loss of users and revenue in the short term, the platform's continued growth and success suggest that it is still a major player in the world of online investing.

Don't forget to grab your free stock worth up to $200 from Robinhood today!

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

Read more

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
Try Fundrise
Copyright © 2018 – 2023 Investing Simple LLC. All Rights Reserved.
Investing Simple is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Investing Simple has advertising relationships with some of the offers listed on this website. The information on Investing Simple could be different from what you find when visiting a third-party website. All products are presented without warranty. For more information, please read our full disclaimer.
Website managed by Stallion Cognitive™

Get 1 Free Stock Worth Up To $200 From Robinhood!

Don't Miss This Opportunity!

Investing Simple readers can claim a free stock from Robinhood worth up to $200 when they open a brokerage account and deposit any amount.

For US Residents only. Investing Simple is affiliated with Robinhood, and we may earn a commission when you sign up for Robinhood.

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram