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Photo illustration by Greg Ruben / Axios

Data provided to Axios by Robinhood, a stock trading app that is popular with millennials, provides insight into how younger investors reacted to Snap's IPO:

  • 43% of Robinhood users who traded today bought Snap stock (note that only 25% of the app's users are ages 18-24, meaning that older investors were also feeling the Snap appeal on Thursday).
  • The median age of a Robinhood user who purchased Snap stock is 26—the same age as Snap CEO Evan Spiegel.
  • Snap rose to the third most popular stock, only behind Apple and AMD. Facebook is at No. 9 and it only took Snap 90 minutes to overtake the social network in terms of ownership.
  • On Wednesday, there were 54% more sales of Facebook stock than the previous day, implying investors were offloading their Facebook stock to make room for Snap.
  • Robinhood's overall trading volume on Thursday broke records, jumping 50% compared to the day before. It also signed up 250% more new users on Thursday than on an average day last week.

What to watch: Snap had a huge stock price pop on its first day, but the many are skeptical as to whether the company will be able to sustain this investor enthusiasm, especially as the pressure of quarterly earnings and growth begins to set in. It's also facing stiff competition from Instagram and Korean clone Snow.

Go deeper

Cuomo asks New York AG and chief judge to choose "independent" investigator into sexual harassment claims

New York Governor Andrew Cuomo at a press conference on Feb. 24. Photo: Seth Wenig/pool/AFP via Getty Images

A special counselor to New York Gov. Andrew Cuomo released a statement on Sunday asking the state's attorney general and chief judge to jointly pick an "independent and qualified lawyer in private practice without political affiliation" to investigate claims of sexual harassment against the governor.

The state of play: The statement is an about-face from Cuomo, who had previously selected a former judge close to a top aide to lead the investigation, the New York Times reported, a move that was widely criticized.

Republican Sen. Sasse slams Nebraska GOP for "weird worship" of Trump after state party rebuke

Sen. Ben Sasse, (R-Neb.) Photo: Andrew Harnik - Pool/Getty Images

The Nebraska Republican Party on Saturday formally "rebuked" Sen. Ben Sasse (R-Neb.) for his vote to impeach former President Trump earlier this year, though it stopped short of a formal censure, CNN reports.

Why it matters: Sasse is the latest among a slate of Republicans who have faced some sort of punishment from their state party apparatus after voting to impeach the former president. The senator responded statement Saturday, per the Omaha World-Herald, saying "most Nebraskans don't think politics should be about the weird worship of one dude."

Cuomo barraged by fellow Dems after second harassment accusation

New York Gov. Andrew Cuomo faced a barrage of criticism from fellow Democrats after The New York Times reported that the second former aide in four days had accused him of sexual harassment.

Why it matters: Cuomo had faced a revolt from legislators for his handling of nursing-home deaths from COVID. Now, the scandal is acutely personal, with obviously grave political risk.