Gurley says over half of Robinhood's revenue comes from payment for order flow for options, which history shows loses money.
“Over half of the revenue that Robinhood has reported is payment for order flow for options.”
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“You know, it's interesting. I stumbled across a piece that Citadel had sent to the SEC in 2005, where they argued that it should be illegal because of inherent conflicts of interest.”
Gurley notes Citadel argued to the SEC in 2005 that payment for order flow should be illegal.
“I stumbled across a piece that Citadel had sent to the SEC in 2005, where they argued that it should be illegal because of inherent conflicts of interest.”