So Chamath has been making a lot of noise attacking Robinhood and implying there's a conspiracy because it sells retail transaction data (payment for order flow) to Ken Griffin's Citadel.

He wants you use his platform sofi, but it turns out, they literally do the same thing? 1/n

Here's Chamath's S-4 to take SoFi Public via his SPAC (patriotically incorporated in the cayman islands).

These basically have to be filed as part of any merger or acquisition by a public company.

So lots of details about SoFi's business!

https://t.co/Rs7gYPU9Ao
What do we see? Well it turns out SoFi, like RH, says it earns a good chunk of change from selling payment for order flow!
On SoFi's website, they claim this is in the "best interest of consumers" because it allows commission free trading. Huh!

Notice their execution partner is the clearinghouse Apex, which also restricted $GME and $AMC trades like RH. But it goes farther!
https://t.co/4TLPGMfy7v
Back to the S-4: Apex isn't just their partner, SoFi literally owns 16.8% of Apex!

That means, as they're happy to tell you, SoFi benefits from Apex earning fees for pay-for-order flows from all sorts of exchanges and market makers! (not just the ones on SoFi itself!)
Apex is required to disclose the details of its payment for order flow quarterly for "non-directed orders."

That means when the client hasn't specified which exchange they want their broker to use - basically most commission free retail I imagine.

https://t.co/YxYK9qWOtX
What do we see? Citadel was one of the top three firms paying for Apex's total order flows in S&P 500, non S&P500, and options in December 2020 alone.

Thanks for the business Ken! We probably shouldn't assume the other firms listed are any more noble than Citadel.
So far from this being Chamath vs Ken Griffin, it appears to be that Chamath is actually going into business with Griffin and SoFi's user data is yet another asset being monetized. Hell, SoFi (via apex) is selling everyone's data!

Almost like the only way to win is not to play!
As a final aside when businesses go pubic the involved parties have to file notices of all potentially relevant communications in 425s, which in 2021 leads to very funny filings that are just pictures of Chamath's tweets.

https://t.co/IDIDWxSbg8
I always feel like I need a cigarette after hitting send on the "publish all tweets" in a thread blast

More from Trading

TradingView isn't just charts

It's much more powerful than you think

9 things TradingView can do, you'll wish you knew yesterday: 🧵

Collaborated with @niki_poojary

1/ Free Multi Timeframe Analysis

Step 1. Download Vivaldi Browser

Step 2. Login to trading view

Step 3. Open bank nifty chart in 4 separate windows

Step 4. Click on the first tab and shift + click by mouse on the last tab.

Step 5. Select "Tile all 4 tabs"


What happens is you get 4 charts joint on one screen.

Refer to the attached picture.

The best part about this is this is absolutely free to do.

Also, do note:

I do not have the paid version of trading view.


2/ Free Multiple Watchlists

Go through this informative thread where @sarosijghosh teaches you how to create multiple free watchlists in the free


3/ Free Segregation into different headers/sectors

You can create multiple sections sector-wise for free.

1. Long tap on any index/stock and click on "Add section above."
2. Secgregate the stocks/indices based on where they belong.

Kinda like how I did in the picture below.

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**Thread on Bravery of Sikhs**
(I am forced to do this due to continuous hounding of Sikh Extremists since yesterday)

Rani Jindan Kaur, wife of Maharaja Ranjit Singh had illegitimate relations with Lal Singh (PM of Ranjit Singh). Along with Lal Singh, she attacked Jammu, burnt - https://t.co/EfjAq59AyI


Hindu villages of Jasrota, caused rebellion in Jammu, attacked Kishtwar.

Ancestors of Raja Ranjit Singh, The Sansi Tribe used to give daughters as concubines to Jahangir.


The Ludhiana Political Agency (Later NW Fronties Prov) was formed by less than 4000 British soldiers who advanced from Delhi and reached Ludhiana, receiving submissions of all sikh chiefs along the way. The submission of the troops of Raja of Lahore (Ranjit Singh) at Ambala.

Dabistan a contemporary book on Sikh History tells us that Guru Hargobind broke Naina devi Idol Same source describes Guru Hargobind serving a eunuch
YarKhan. (ref was proudly shared by a sikh on twitter)
Gobind Singh followed Bahadur Shah to Deccan to fight for him.


In Zafarnama, Guru Gobind Singh states that the reason he was in conflict with the Hill Rajas was that while they were worshiping idols, while he was an idol-breaker.

And idiot Hindus place him along Maharana, Prithviraj and Shivaji as saviours of Dharma.