Online brokerage Robinhood, which helped enable the “meme stock” frenzy earlier this year and later attracted flak for its handling of the trading mania, is facing pushback on social media forums against its initial public offering.
Many individual investors are planning to shun the stock market debut, and several posts in recent days urging users to not buy into the IPO have received thousands of upvotes, discussions in online forums on Reddit showed.
“Just ignore the Robinhood IPO entirely,” said a post on the r/Superstonk subreddit, which also advised traders to transfer out to Fidelity’s trading platform.
Robinhood, which has reserved shares in the IPO for retail investors, declined to comment.
The company came under scrutiny after this year’s trading frenzy in the so-called meme stocks such as GameStop. Its handling of the frenzy, marred with glitches and followed by trading restrictions, attracted the wrath of many of its users and…