Report: Robinhood raises $2.4 billion in additional funds from its investors

Last week was a turbulent one for the popular brokerage app Robinhood. Amid that turmoil, Robinhood tapped its investors for a reported $1 billion in addition to drawing on existing lines of credit.

Now Robinhood has reportedly raised another $2.4 billion from its shareholders, per the Wall Street Journal, citing people familiar with the process. 

The fundraising efforts come as Robinhood and its leadership team find themselves in the crosshairs of angry users and watchful regulators. A number of influential members of Congress have called for public hearings into last week's events — which saw the price of the stock of GameStop surge above $400 and apps such as Robinhood temporarily limit access to the stock — a move the firm said was aimed at preserving the integrity of the platform.

Accusations of market manipulation have dogged Robinhood since, despite efforts to navigate the fray via a public relations campaign that saw Robinhood CEO Vlad Tenev make media appearances.

 

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