Shares of Robinhood were already lower on Monday after CNBC reported that PayPal is exploring ways to let users trade stocks.
Vlad Tenev, CEO and co-founder Robinhood Markets, Inc., is displayed on a screen during his company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., July 29, 2021.Shares of Robinhood dropped on Monday amid several bouts of bad news for the brokerage app.
Robinhood's stock fell to about 8% lower on the day after Securities and Exchange Commission Chairman Gary GenslerGensler told the outlet that payment for order flow — the back end payment brokerages receive from market makers to execute trades —has "an inherent conflict of interest."is exploring ways to let users trade individual stocks. The SEC did not immediately respond to CNBC's request for comment.
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