Although several online brokers (including, until recently, Public.com) use PFOF, the video’s clear target is Robinhood, who received an avalanche of publicity during the recent Gamestop scandal. The timely announcement hitches a ride on Reddit’s recent outrage over the practice, which last week spawned an investigation into the House that resulted in Robinhood’s CEO Vlad Tenev being interrogated by members of Congress.
In a blog post, Public noted that it is “officially PFOF free” on February 16. As an incentive to investors, the company is offering to cover any fees charged by an existing broker to transfer its portfolio to them.
“I could hardly believe what I saw on Reddit today,” sings Bolton in the revamped lyrics, his vocals accompanied by images of romance that went wrong (glasses of wine shattering, a red rose licked by the flames, etc.). “I was hoping that I could get this directly from you. They told me about the order flow. So I searched on Google, now I know. I think I need to find someone new. “
Bolton, who has his own investment portfolio listed on Public, is just one of several high-profile individuals involved with the company: investors listed on the broker’s website include Will Smith, The Chainsmokers and Tony Hawk.
During his appearance before Congress last week, Tenev defended Robinhood’s use of payment for order flow in a prepared statement, in which he stated that “Robinhood’s customers benefit greatly from payment for order flow, as customers market makers provide better prices than public exchanges.
This is not the first time that Bolton has updated one of his famous songs for an advertising campaign. Last September, the singer released a carbohydrate-laden version of his 1991 hit “When a Man Loves a Woman” in an ad for Panera Bread.