Robinhood made waves in 2013 by offering free shares in companies for new customers and gamifying complicated options contracts. In 2020 and 2021, covid restrictions and US government checks to citizens created the perfect climate for the broker, with gambling on stock markets rising in simplicity and popularity. Streamers, TikTokers, and YouTubers went full “not financial advice” on their audiences.

Ever since February of last year, however, it’s become abundantly clear that Robinhood picked the wrong time to go public — and the broker is struggling.

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