Yes, Robinhood disclosed that Citadel's MM desk accounted for the largest portion of their payment for order flow income in their rule 606 disclosures. But still a bad take because Citadel stands to make much more money on further trading, and Citadel's hedge fund likely has the capital to outlast retail.

https://cdn.robinhood.com/assets/robinhood/legal/RHS%20SEC%2...

Let me be clear: if I were sales at Robinhood, Citadel MM is a huge client.

But Citadel MM is more likely to pull the plug on making markets in a name for risk reasons than to benefit a hedge fund position. To say nothing of the fact that Citadel got to bail out Melvin Capital, which is traditionally a profitable trade.

I am agreeing with you that there is not much merit to a conspiracy that Citadel asked Robinhood to pull out.

In particular, I believe Citadel would gain more from continued trading on Robinhood than they would lose from their hedge fund positions.