Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: YCharts Chart: Axios

Robinhood, the company that was founded to disrupt Wall Street, was taught a painful lesson by Wall Street investors on Thursday.

Why it matters: Robinhood attempted to revolutionize the initial stock offering by allocating a large number of shares to its own small-dollar investors. Those investors are now sitting on a significant loss, even as Robinhood's multibillionaire founders both sold about $50 million of shares at the IPO price.

By the numbers: After trading for most of this year on private secondary markets in the $50 to $60 range, per Pitchbook, Robinhood stock was eventually priced late Wednesday at $38, the bottom of its bankers' previously indicated range.

  • Once they started trading, the shares fell as much as 14% intraday before closing down 8.8% at $34.66.

The big picture: Robinhood made a last-ditch attempt to paint itself as more than just a brokerage.

  • CEO Vlad Tenev told the AP he aspired to move into payments, competing with the likes of Square to become the only app that people use on their phones for money. (At its current valuation of $117 billion, Square is roughly four times the size of Robinhood.)
  • When asked by AP what the company will look like in the future, Tenev said: "Over time, we want to be the single money app, the most trusted and most culturally relevant money app worldwide."
  • Investors were underwhelmed. While the concept of a "super-app" worked in China, where there were fewer embedded incumbents, it's much harder to see any one app dominating the finance space in America.

The bottom line: Robinhood, which is unprofitable, has yet to convince the public markets that it can achieve its dreams of dominating tomorrow's financial services landscape.

Go deeper

Felix Salmon, author of Capital
Sep 16, 2021 - Economy & Business

The financial literacy industrial complex

Illustration: Aïda Amer/Axios

You probably don't remember learning much about money or finance in high school. Now a whole industry, rife with conflicts of interest, is springing up in an attempt to change that.

Why it matters: Millions of people do badly on problematic standardized tests of financial literacy; millions of people are also poor, and struggle with their finances.

Everyone wants to be an influencer

Illustration: Aïda Amer/Axios

The number of people looking to become online influencers has exploded during the pandemic.

Why it matters: Almost anyone can find themselves in a position to become an influencer, and brands are throwing billions of dollars at online content creators.

At least 3 dead after Amtrak train derails in Montana

Photo: Jacob Cordeiro/Twitter

An Amtrak train derailed near Joplin, Montana, resulting in at least three deaths and multiple injuries to passengers and crew on Saturday, per authorities and a company statement.

The big picture: 141 passengers and 16 crew members were estimated to be on the Empire Builder train, traveling from Chicago to Seattle and Portland, when eight of the 10 cars derailed about 4p.m., Amtrak said early Sunday.