Michael Bloomberg started his company in 1981. He was already 39 years old. He faced large incumbents with tens of thousands of installed terminals and by global news agencies.
Let's take a look at how he cracked the code to become the dominant player in financial information
(Personal opinion)
You'd be very surprised by this announcement if you modeled Robinhood as a discount brokerage. You'd be less surprised if you modeled it as a gaming company.
I think the second is, broadly, the correct mental model for Robinhood.