This is the best ever fundraising effort by a company.A New RecordRobinhood, the scandal-ridden stock trading app, went public Thursday with a record breaking IPO. Problem is? The problem is that it broke the record in the wrong way.According to Bloomberg analysis, Robinhoods IPO was the worst performing of the 51 American companies that raised the same amount. The trading opened at $38 per share, which was already low, but shares plunged 8.4 percent during the trading session. This is an unfortunate end to the story of a broker who has been rife with controversy.Punch after PunchRobinhood has had a rough 2021. Robinhood was at the top of the market when the Gamestonk and other meme investing trends started. This was due to its promise to make the stock market more accessible for the general public than ever.The company then interfered with the users' portfolios, limiting their abilities to buy or sell specific shares and automatically selling off their assets. This prompted federal inquiries by strange bedfellows such as Elon Musk, Ted Cruz, and Alexandria Ocasio-Cortez.AdvertisementAdvertisementIts rating fell and it crashed frequently during high trading activity, which was when users needed the most access to their portfolios. Robinhood was recently fined nearly $70 million for being terrible at what it is supposed to do. It's not surprising that potential investors weren't thrilled to be a part of the dismal IPO.READ MORE: Robinhood's Worst IPO Debut [Bloomberg]Robinhood Fined $70 Million for Being Terrible
