Robinhood's (NASDAQ: HOOD) influence on the stock market may have waned since the heady days of the pandemic, but the disruptive stock-trading platform still wields signficant influence over the market in part because it is so popular with millennials. The average age of a Robinhood user is 31, and the company has more than 12 million monthly active users and nearly 23 million funded accounts, showing that it remains a major player in the brokerage industry. Robinhood also influences the market in other ways -- for instance, its 100 most popular stocks list.
Sam Bankman-Fried, the founder of collapsed cryptocurrency business FTX, is being sued by another bankrupt crypto business over control of a £400m stake in Robinhood.
Sasha Hodder, founder of Hodder Law Firm, discusses why the SEC may get paid before retail investors and the low probability that traders will ever get their money back.