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So Chamath has been making a lot of noise attacking Robinhood and implying there's a conspiracy because it sells retail transaction data (payment for order flow) to Ken Griffin's Citadel.
He wants you use his platform sofi, but it turns out, they literally do the same thing? 1/n
Here's Chamath's S-4 to take SoFi Public via his SPAC (patriotically incorporated in the cayman islands).
These basically have to be filed as part of any merger or acquisition by a public company.
So lots of details about SoFi's business!
https://t.co/Rs7gYPU9Ao
What do we see? Well it turns out SoFi, like RH, says it earns a good chunk of change from selling payment for order flow!
On SoFi's website, they claim this is in the "best interest of consumers" because it allows commission free trading. Huh!
Notice their execution partner is the clearinghouse Apex, which also restricted $GME and $AMC trades like RH. But it goes farther!
https://t.co/4TLPGMfy7v
Back to the S-4: Apex isn't just their partner, SoFi literally owns 16.8% of Apex!
That means, as they're happy to tell you, SoFi benefits from Apex earning fees for pay-for-order flows from all sorts of exchanges and market makers! (not just the ones on SoFi itself!)
He wants you use his platform sofi, but it turns out, they literally do the same thing? 1/n
Here's Chamath's S-4 to take SoFi Public via his SPAC (patriotically incorporated in the cayman islands).
These basically have to be filed as part of any merger or acquisition by a public company.
So lots of details about SoFi's business!
https://t.co/Rs7gYPU9Ao
What do we see? Well it turns out SoFi, like RH, says it earns a good chunk of change from selling payment for order flow!
On SoFi's website, they claim this is in the "best interest of consumers" because it allows commission free trading. Huh!
Notice their execution partner is the clearinghouse Apex, which also restricted $GME and $AMC trades like RH. But it goes farther!
https://t.co/4TLPGMfy7v
Back to the S-4: Apex isn't just their partner, SoFi literally owns 16.8% of Apex!
That means, as they're happy to tell you, SoFi benefits from Apex earning fees for pay-for-order flows from all sorts of exchanges and market makers! (not just the ones on SoFi itself!)