"every single company [marketed through the Robinhood IPO Access program] comes out incredibly strong or has a spike early on, and then it slowly dies"

A look at Robinhood's marketing emails:

this effort gave people a ticket to a process with specific mechanics that made it much more likely to result in a quick rush followed by intense pain. Sending an email to millions of users with no additional analysis or context is probably correct from a regulatory perspective (it’s not a recommendation), but it is a nudge to buy. This is another situation where the SEC should’ve looked a bit deeper at how things were done.