additional $200 million in funding, which could value the company in the $7 billion to $10 billion range. In November 2019, Robinhood announced its expansion to the United Kingdom. During the 2020 stock market crash, Robinhood trading increased. The subsequent market rise was partially attributed to Robinhood traders, but a study indicated that Robinhood traders had little daily impact on major shares. In May 2020, it was announced that Robinhood had raised $280 million in venture funding at a pre-money valuation of $8.3 billion led by Sequoia Capital, and 3 months later, the company announced a $200 million Series G funding round from a new investor, D1 Capital Partners, on August 17. In late June 2021, Robinhood was fined $57 million by the FINRA and has been ordered to pay $13 million in restitution to clients affected by outages and misleading communications in March 2020. This was the largest-ever FINRA penalty in the history of the organization. The company went public on the Nasdaq on July 29, 2021, under the stock ticker HOOD. The opening price was $38, but dropped shortly afterwards to a low of $33.35 before starting to recover, reaching an all time high at $85. Subsequently, it fell sharply again after facing growing regulatory uncertainty, plunging on Q3 earnings and disclosing that a security breach affected 7 million customers. On 1 December 2021 the stock price reached all time lows below $25 and had dropped 70% over the last four months. This rout was a boon to short-sellers of the stock. Robinhood's further decline was highlighted in its 2022 layoffs, which gained widespread media attention. The first wave of major layoffs occurred in April, with the company cutting its workforce by 9%. More significant were Robinhood's layoff announcement released simultaneously with its 2022 Q2 earnings on August 2, in which Tenev announced the company would layoff 23% of its workforce, mostly in operations, marketing and program management. From January to August 2022, Robinhood's stock has shed 48% of its value. In August 2022, Robinhood's cryptocurrency division was fined $30 million by the New York State Department of Financial Services for allegedly violating anti-money-laundering and cybersecurity regulations, in the department's first crypto enforcement action. In May 2022, FTX founder and CEO Sam Bankman-Fried’s trading firm, Alameda Research, disclosed a 7.6% share in Robinhood. According to anonymous sources cited by Reuters in November 2022, Alameda used Robinhood shares as