The venture is being led by Joshua Topolsky, the former editor-in-chief of tech news site The Verge and ex-chief digital officer at Bloomberg Media. Robinhood already has a daily markets newsletter, called Snacks, that claims tens of millions of subscribers. This will now move to the new independent Sherwood venture, where it will be joined by other offerings, which could eventually include video and podcasts. "It’s a significant, long-term investment," Topolsky tells Axios, adding that he plans to hire dozens of reporters, editors and social media content creators this year. While Robinhood did not attempt to monetise Snacks, Sherwood will look to make money through advertising.

Says Topolsky: "The next generation looks at money and the markets through an entirely new lens, they live at a different speed — and they want something more substantive in their diet.

"We have this unique moment and position and perspective to build a news organization for the next wave, and I’m super excited to be a part of it.”