Robinhood Markets (NASDAQ:HOOD) said it will launch its own social media platform within its app to let users post their trades, discuss strategies, track traders' performance, and follow hedge funds, politicians and insiders, according to a recent release.
The new social network, dubbed Robinhood Social, is rolling out only to a certain number of customers in the U.S. early next year, the online brokerage said, grafting the likes of Reddit's (RDDT) WallStreetBets community enthusiasm onto live trading.
Broader availability is expected to follow, it added.
The company also unveiled a chart building tool powered by artificial intelligence, in addition to the ability to short sell stocks (starting in coming months), and trade select overnight index options (early next year) and over 40 CME Group (CME) futures contracts.
With this update, "Robinhood (NASDAQ:HOOD) is no longer just where you trade – it’s your financial superapp,” said CEO Vlad Tenev.
HOOD shares, which last week were added to the S&P 500 Index, gained 3.2% in Wednesday morning trading, pulling up its year-to-date surge to 228%.
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