FINX - Why did SoFi stock fall today? Fintech weakness potential for new regulation

SoFi Technologies (NASDAQ:SOFI) stock dropped 7.6% in trading on Thursday, following the path of other high-profile newly public fintech names. Tech names that had shot up soon when they went public have all seen declines in the past two months. Fintech stocks overall have languished over the past several weeks as seen when comparing the Global X FinTech Thematic ETF (NASDAQ:FINX) with the S&P 500. Also regulatory scrutiny appears to be increasing. For example, recent comments from FINRA and the SEC suggests that the agencies may seek to limit brokerages' ability to promote options trading to retail investors. SoFi (SOFI) was also tangentially involved in a New York case, where a New York judge declined to approve RenRen's (NYSE:RENN) settlement with shareholders who alleged RENN insiders took the company's portfolio for themselves in 2018. The portfolio included a large stake in SoFi (SOFI). Other relatively newly public fintech that have dropped

For further details see:

Why did SoFi stock fall today? Fintech weakness, potential for new regulation