The Unraveling of Robinhood's Fairy Tale

Few companies embodied the market mania of the past two years quite like Robinhood Markets Inc.

The flashy online brokerage ushered in an investing revolution at the start of the Covid-19 pandemic that, for the first time in decades, made trading cool. Robinhoods easy-to-use interface hooked millions of Americans on buying and selling stocks, options and cryptocurrencies. A raging bull market helped turn many newbie investors trades into wins.