Robinhood looking for NYC office as Reddit traders upend Wall St.

Menlo Park-based company plans to open first Big Apple HQ

New York /
Jan.January 28, 2021 12:58 PM
Robinhood founders Vladimir Tenev and Baiju Bhatt (Robinhood)

Robinhood founders Vladimir Tenev and Baiju Bhatt (Robinhood)

 

As stocks for GameStop and AMC Entertainment continue their confounding surge, the popular mobile day-trading company Robinhood is looking for a home in the nation’s financial capital.

The Menlo Park-based company, a favorite among retail traders who have recently been squeezing short sellers, is looking to lease about 60,000 square feet for a Manhattan office, sources familiar with the search told The Real Deal.

It would be the first Big Apple headquarters for Robinhood, which currently has offices in the Bay Area; Lake Mary, Florida; Denver and London. The company recently posted a handful of jobs to its website for several engineer positions in New York City.

A spokesperson for Robinhood could not be immediately reached for comment.

The company has been in the news recently as traders pumped up the prices of beleaguered companies like GameStop, AMC and Blackberry that Wall Street investors had shorted. The wild stock moves at first puzzled investors, who couldn’t point to any material changes in the companies’ performance that would explain the surge in interest.

The surge was revealed to be driven by investors on a Reddit message board, r/WallStreetBets, who rallied to take on Wall Street, though there are concerns that scam artists could be running a pump-and-dump scheme.

On Thursday, Robinhood restricted trading of several companies including GameStop and AMC, citing volatility in their stocks. Users of the app filed a class-action lawsuit in response to the restrictions.

The company was founded in 2013 by Vladimir Tenev and Baiju Bhatt.

Robinhood expanded to Denver early last year, reportedly leasing more than 35,000 square feet in the city. In a blog post from August, the company wrote that it planned to hire hundreds of new employees in Southlake, Texas, and Tempe, Arizona.





    Related Articles

    arrow_forward_ios
    1 North Moore (Google Maps, StreetEasy)
    Tribeca penthouse rents for $85K per month, possibly setting NYC record
    Tribeca penthouse rents for $85K per month, possibly setting NYC record
    Hudson Yards (Getty, iStock)
    City’s bet on Hudson Yards beginning to pay off
    City’s bet on Hudson Yards beginning to pay off
    VTS CEO Nick Romito and Lane Technologies CEO Clinton Robinson 
    VTS to buy office-app developer for $200M
    VTS to buy office-app developer for $200M
    From left: Marisa Lago, Anita Laremont and Mayor Bill de Blasio (LinkedIn, Getty, Wikimedia)
    Politics, City Planning on collision course
    Politics, City Planning on collision course
    Hudson’s Bay Company restructures $846M CMBS loan
    Hudson’s Bay Company restructures $846M CMBS loan
    Hudson’s Bay Company restructures $846M CMBS loan
    Two of the eleven properties under threat of foreclosure (Google Maps)
    Mack Real Estate may “strip” club owner of properties
    Mack Real Estate may “strip” club owner of properties
    270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
    Legendary Hampton Bays bar up for sale
    Legendary Hampton Bays bar up for sale
    Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
    Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
    Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...