The Briefing: Didi Raises $4.4B In IPO, Robinhood Slapped With Record Fine, Turntide Lands $225M, And More

Financial regulators have ordered stock trading app Robinhood to pay $70 million for what they call “systemic supervisory failures” and “significant harm” caused to consumers related to a variety of issues dating back to 2016 for the popular platform, Reuters reports. Robinhood has said in statements that since early 2020 it has taken a number of corrective steps, including providing more customer support and monthly account reviews and beefing up its legal team. Robinhood, which has raised $5.6 billion from investors and is getting ready for an IPO, separately paid $65 million to the U.S. Securities and Exchange Commission late last year to settle charges that it had misled users about its sources of revenue. Bloomberg reported earlier this week that the IPO, which was initially slated for June, has been delayed amid scrutiny from the SEC of Robinhood’s cryptocurrency business. Sunnyvale, California-based Turntide Technologies, developer of a self-described smart motor system that it says consumes significantly less energy than rivals, raised $220 million in convertible note financing.