Read that more carefully. 4 Million accounts, not all are funded. How much are funded? We don't know because they didn't say. I have an unfunded Robinhood account for the stock quotes.

E-trade is a public company so all its numbers are GAAP. Their account numbers are funded. So it's not an apples to apples comparison. Plus they are profitable, so the valuation numbers make Robinhood look even worse.