Amid this week’s extraordinary circumstances in the market, we made a tough decision today to temporarily (dated 2023-06-08)

Summary

Exhibit 59 (Document 568-59) in Case 1:21-md-02989-CMA, entered on the FLSD docket June 8, 2023, is a three-page printout of a Robinhood blog post by the Robinhood Team titled An Update on Market Volatility, at blog.robinhood.com/news/2021/1/28. The post says that amid the week's extraordinary circumstances in the market Robinhood made a tough decision to temporarily limit buying for certain securities, citing financial requirements including SEC net capital obligations and clearinghouse deposits that fluctuate with volatility, and plans to allow limited buys of these securities starting tomorrow. It states that this was a risk-management decision and was not made on the direction of the market makers Robinhood routes to.

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Case 1:21-md-02989-CMA Document 568-59 Entered on FLSD Docket 06/08/2023 Page 1 of 3




                                Exhibit 59
 Case 1:21-md-02989-CMA Document 568-59 Entered on FLSD Docket 06/08/2023 Page 2 of 3



blog.robinhood.com /news/2021/1/28/an-update-on-market-volatility

An Update on Market Volatility
Robinhood Team ⋮




This past year, we’ve seen the financial markets become a voice for the voiceless. We’ve seen a new
generation of people come into the markets, sparking conversations about what it means to be an investor.
Our customers have shown the world that investing is for everyone—not just institutional investors and
hedge funds.

Amid this week’s extraordinary circumstances in the market, we made a tough decision today to temporarily
limit buying for certain securities. As a brokerage firm, we have many financial requirements, including SEC
net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility
in the markets and can be substantial in the current environment. These requirements exist to protect
investors and the markets and we take our responsibilities to comply with them seriously, including through
the measures we have taken today.

Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation
and may make adjustments as needed.

To be clear, this was a risk-management decision, and was not made on the direction of the market makers
we route to.




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 Case 1:21-md-02989-CMA Document 568-59 Entered on FLSD Docket 06/08/2023 Page 3 of 3

We stand in support of our customers and the freedom of retail investors to shape their own
financial future. Democratizing finance has been our guiding star since our earliest days. We will continue
to build products that give more people—not fewer—access to our financial system. We’ll keep monitoring
market conditions as we look to restore full trading for these securities. We will update this Help Center
article with the latest changes.

We are deeply grateful to our customers.




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