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How Robinhood’s fairy tale started to unravel

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

Robinhood’s 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.Good...

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