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Michael Bolton wants you to break up with Robinhood. Yes, that Michael Bolton

February 23, 2021. Summarized by summa-bot.

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Michael Bolton wants you to dump Robinhood.

New York (CNN Business)Michael Bolton wants you to dump Robinhood.

In the strangest twist yet in the already bizarre Robinhood saga, Bolton is singing about payment for order flow in a YouTube video published by rival online brokerage Public. com.

Last week, just before Robinhood CEO Vlad Tenev was grilled by Congress, Public. com announced that it will no longer accept revenue in exchange for routing trades to market makers.

"The main criticism of PFOF [payment for order flow] is that it creates misalignment between the financial aims of the brokerage and the interests of its clients," Public. com said in a blog post.

During the introduction to his song, Bolton pointed out that Public. com says it doesn't sell trades to third parties.

Robinhood has consistently defended its use of payment for order flow, which makes up more than half the company's revenue.

"Robinhood's customers benefit greatly from payment for order flow as market-makers typically provide better prices than public exchanges," Tenev said during his prepared remarks last week.

Citadel Securities, the high-speed trading firm that Robinhood sends much of its orders to, has similarly defended the practice.

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