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
    Southampton Town supervisor Jay Schneiderman (jayschneiderman.com, Google Maps)
    Southampton Town considers buying 40 acres
    Southampton Town considers buying 40 acres
    Alan Feldman, chief executive officer, president & chairman of the board, Resource REIT; Stephen Schwarzman, chairman, ceo & co-founder, Blackstone (Resource REIT, Getty Images, 1000 Spalding Apartment Homes)
    Blackstone to pay $3.7B for REIT in latest rental push
    Blackstone to pay $3.7B for REIT in latest rental push
    360 Kingsland Avenue in Greenpoint, Brooklyn (Google)
    Sitex Group pays $30M for Greenpoint industrial property
    Sitex Group pays $30M for Greenpoint industrial property
    (Getty)
    Intel investment in new Ohio chip plant could reach $100B
    Intel investment in new Ohio chip plant could reach $100B
    In the days after Hong Kong circulated its latest virus measures this month, several shops, bars and eateries said they would close (Geology.com, iStock)
    Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
    Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
    No Joke: Pete Davidson (left) and Colin Jost just purchased a Staten Island Ferry boat. (Getty)
    Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
    Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
    Vicky Ward (CNN)
    Vicky Ward breaks down New York State’s Trump investigation
    Vicky Ward breaks down New York State’s Trump investigation
    Lloyd's of London headquarters at Lime Street (Lloyd's of London/CC BY 2.5 - via Wikimedia Commons, iStock)
    Lloyd’s of London may exit “Inside Out” home after three decades
    Lloyd’s of London may exit “Inside Out” home after three decades
    arrow_forward_ios

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

    Loading...