Robinhood's RVI fund saw its stock price plummet 16% on March 6, a week after its delayed public debut. The closed-end fund, trading under the symbol RVI, failed to achieve its target of raising $1 billion through its initial public offering.
The RVI fund aims to provide retail investors access to private companies like Databricks, Ramp, and Revolut. However, its launch coincided with a turbulent market, with major U.S. stock averages facing weekly declines due to geopolitical concerns.
The fund's IPO priced shares at $25, but opened at $22 and closed lower, indicating investor caution. Robinhood originally sought to raise $1 billion, but sold fewer shares than planned, falling short by over $300 million.