Fox Business Flash top headlines for July 26
Check out what’s clicking on FoxBusiness.com.
Robinhood Markets is considering launching US retirement accounts, CEO and co-founder Vlad Tenev said on Saturday in a webcast with users of its trading app looking to participate in its initial public offering, which is set to price next week.
The online brokerage has about 18 million funded investment accounts on its platform, most of which are held by retail traders
Offering individual retirement accounts (IRAs) and Roth IRAs, which offer tax advantages to those saving for retirement, would allow Robinhood to tap a vast market. Americans held $12.6 trillion in IRAs at the end of March, up 2.8 percent from the end of December, according to the Investment Company Institute.
ROBINHOOD GIVES FOUNDERS SECOND CHANCE AT $1.4 BILLION WINDFALL
"We are interested in building more account types, including IRAs and Roth IRAs — we’ve been hearing that a lot from our customers. We want to make first-time investors into long-term investors," Tenev said in response to an investor question.