It seems we're both right in a way. Cory Doctorow has a through explanation here: https://pluralistic.net/2021/01/28/payment-for-order-flow/#wallstreetbets http

It seems we're both right in a way. Cory Doctorow has a through explanation here: https://pluralistic.net/2021/01/28/payment-for-order-flow/#wallstreetbets https://pluralistic.net/2021/01/28/payment-for-order-flow/#w... > "Robinhood partners with institutional investors and lets them spy on what the average joes are buying and selling. Sometimes, this is just "market intelligence" ("Hey, people like fidget spinners") but the main event is front-running." > "If you're paying Robinhood to tell you what assets its customers are about to buy, you can go out and buy them up first and sell them for a profit to Robinhood's customers." > "Or you can buy some of that asset up because you know its price will go up once Robinhood's customers orders are filled." > "Citadel Securities is Robinhood's main institutional investor partner."