Last month, 12,602 of Robinhood customers bought Duolingo at its IPO price, while 78,250 customers participated in the F45 Training IPO.
This year's debuts of Coinbase and Didi Global pulled in more money from individual investors than Robinhood's hot-anticipated IPO.
Wood's flagship Ark Innovation ETF fund purchased nearly 1.3 million shares of Robinhood during the company's first day of trading.
"Bond King" Jeffrey Gundlach, Chris Sacca, and Jim Chanos have also cautioned retail investors not to speculate wildly or take too many risks.
There are meme-stock investors "that love these companies they want them to thrive," Tenev said in an interview on Thursday.
US stocks rose Thursday as the latest economic data eased investor concerns over inflation and the Fed's plan to taper.
The online trading app priced its IPO late Wednesday night at $38 per share, giving it a valuation of $32 billion.
US indices inched up after GDP grew at an annualized rate of 6.5% in the second quarter, missing the 8.5% jump estimated by economists.
The pricing comes at the bottom end of the range set by Robinhood during its investor roadshow this month.
The agency is seeking information related to the fact that Robinhood CEO Vlad Tenev and co-founder Baiju Bhatt are not licensed by FINRA.
The feature was discovered by iOS developer Steve Moser through a code inside the company's test version for the iPhone, Bloomberg first reported.
"I am struck by Robinhood's decision to reserve shares for their customers. This may be a strategy to try to build brand loyalty," a finance professor told Insider.
Half of UK investors said they would cut back on other spending to fuel their retail investing habits, the Barclays Smart Investor survey found.
It plans to list on the Nasdaq under the ticker symbol "HOOD" and is expected to go public by the end of next week.
In April, Robinhood reduced the annual salary of Tenev and Bhatt to $34,248, which was the 2019 median wage of US workers.
The famed investor has accused Robinhood of encouraging users to gamble on stocks, speculate on options, and trade frequently.
Cumulative daily trading volume in dogecoin soared 258% to $866 billion in the second quarter, according to historical data from CoinMarketCap.