125OCTOBER 20 20 FORBES.COM
THE INVESTIGATION
BY JEFF KAUFLIN, ANTOINE GARA AND SERGEI KLEBNIKOVILLUSTRATION BY
LARS LEETARUCASINO
CAPITALISM
THE
BARONS
OF
By hooking disillusioned Millennials on its zero-
commission, gamified trading app, ROBINHOOD
has forever changed the retail brokerage business.
“Democratizing finance” is the stated goal, but
its founders have become billionaires by leading
a new generation of rubes right into the jaws of
Wall Street’s most notorious sharks.