The Ledger
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Tenev denies Robinhood colluded with hedge funds to restrict meme stock trading
“The idea that somehow the most wrong thing was this allegation of collusion that we're somehow colluding with hedge funds that we have no business relationship with to somehow restrict buying of these stocks. Yeah, I think that was just wrong.”
Tenev: Robinhood enabled private stock tokenization without target company opt-in
“And so I think it's important for the tokenization mechanism to work. Without the opt-in of the companies that, that are being tokenized. And I think that's actually the innovation that we've been able to drive. Like we can, we figured out how to make this wor…”
Vlad Tenev: Robinhood received a $3B deposit demand during GameStop saga
“We got this we got this bill in the automated clearinghouse system for three billion dollars.”
Tenev: Robinhood will offer home cash delivery using on-demand logistics
“We're going to solve that problem by combining the logistics of on-demand delivery with all the work that we're doing in finance. And you'll, you'll get cash delivered to your house.”
Tenev: Allegations of Robinhood colluding with Citadel were disproved
“People thought there was this whole collusion narrative with Citadel that ended up being disproved”
Tenev: Robinhood US retail crypto volume is close to Coinbase
“Well, on retail in the US we're kind of like close to the same size as Coinbase. We charge a lot less, so we have less revenue. But in terms of volumes and retail volumes, It's pretty close particularly if you look at supported coins.”
Hecker: Trade Republic grew users and assets while Robinhood lost users in 2022
“So they are churning monthly active users, they're churning assets, they're churning activity. At the same time, TraderPublic has growing active numbers of customers, has growing assets, and has new savings plans. And by the way, nobody is quitting their savin…”
Tenev: Retail investors net sold GameStop before Robinhood restricted buying
“With GME, according to CNBC, retail was a net seller of GME Monday through Wednesday, which by the way is before Robinhood put in place the buying restriction. So Monday through Wednesday, as the stock was increasing, retail overall was net selling it.”
Tenev: Robinhood stablecoin interest products will generate significant revenue
“Well, if we as we get stablecoin out, Crypto will have that as well. You'll be able to earn interest on your stable coins, and that'll be a significant business.”
Tenev: Robinhood will enable 24/7 token trading via Bitstamp and direct DeFi self-custody
“And the second phase is we put these tokens on Bitstamp. Our exchange. And so then you can trade the tokens directly against other cryptos and also dollars. And that needs stage one because we need to have a supply of a significant number of these tokens minte…”
Tenev: Robinhood's end state includes checking accounts for paychecks
“I do think that the end state of Robinhood involves the current account as well. Like we have to get people's paycheck. It's just easier that way if you can Have everything go through Robin Hood.”
Vlad Tenev: Robinhood's market valuation dropped below cash reserves in 2022
“Yeah, I mean, I want to say being public through twenty-twenty-two, seeing our stock go from, I don't know what it was in twenty-twenty-one, irrationally high perhaps, but it was still high after we went public, down to being worth below cash was a very-”
Robinhood raised $3.5 billion in five days
“You know, they had to raise a ton of money in a short period of time, and without missing a beat, I think they raised 3.5 billion dollars in five days start to finish.”
Rick Yang: Robinhood spent two and a half years building tech before public launch
“This company spent two plus years prior to actually launching to the public of just building, just heads down building. And this was done during a time where Everybody was really adopting that lean startup mentality of like launch first and then build and iter…”
E-Trade spent $800 to acquire a customer while Robinhood spent zero
“E-Trade was spending, like, 800 dollars for a new customer. Robinhood was spending zero.”
Chris Sacca day-traded student loans to $12M before losing it all
“So I very famously took my student loan checks for law school, told the school they hadn't shown up, cash them, and use them to day trade in the market. And so this is one of the reasons why I get so nervous about what I see in the Robin Hood phenomenon. You k…”
Tenev: Robinhood's clearinghouse VAR charge increased tenfold in a few days
“You looked at what the VAR charge was on Monday versus Wednesday, and it was something like a TEDx increase just in a couple of days.”
Tenev predicts Robinhood will be global and ubiquitous in America by 2025
“So I think the Robin hood of five years from now will be global. It will be ubiquitous in the U S if we are successful, it'll kind of shatter the taboos that we have around finance and financial services.”
Bhatt: Robinhood users are 20 to 30 years younger than competitors'
“The consumers that use products like Fidelity, E-Trade, Scottrade, a lot of our competitors, our customers are on average, 20 to 30 years younger than those consumers.”
Robinhood aims to expand globally across four continents within five years
“I would like to see Robin hood become an international financial services company. I would like to see us scale like internet company scale, not like tech or not like financial services companies. I would love to be live across. All of Europe, I would love to …”
Rajaram: Robinhood has 13 product lines generating over $100M in revenue each
“Robin Hood has 13 product lines now doing over a hundred million in revenue.”
Stebbings: Robinhood has nine products generating over $100M revenue each
“Nine products do over a hundred million in revenue.”
Tenev: Robinhood Tokenizes Traditional Assets 1-to-1 on Blockchains
“We have some traditional assets in a box. We tokenize that one for one, and the tokens actually get put on blockchains where they're tradable.”
Tenev: Robinhood's instant withdrawal feature generates nine-figure annual revenue
“I wanna say this is nine figures.”
Robinhood revenue grew 4x from $250M to $1B in a single year
“Our revenues went up like four X in a year from right around two hundred fifty million to about a billion.”
Robinhood operates eight business lines each generating $100M+ annually
“So now Robinhood has eight business lines that generate a hundred million a year or more in revenue.”
Brex Built Its Enterprise Platform in One Year to Acquire Major Clients
“And it took us, you know, a year to get something that worked. And that's how, you know, ultimately, we closed customers like DoorDash, like Coinbase, like Robinhood, you know, like all these large enterprise customers that would not have traditionally come to…”
Chennapragada: Robinhood is the only financial company with an Apple Design Award
“That's such a pleasant and positive surprise for me at Robinhood, which is designers and researchers. They're there from the beginning, but it's only financial company that won the Apple Design Award.”
Robinhood is the only financial company with an Apple Design Award
“It's only financial company that won the Apple Design Award.”
Robinhood spent zero dollars on marketing for years after launching
“There were many, many years from the launch of this company where they didn't spend a dime on marketing and they just kept increasing that account number and engage customers.”
Robinhood had an 800,000-person waitlist during its closed beta
“We invested and led the series B and they were still in closed beta at the time, but there were some really Interesting signals at the time, right? They had built this amazing waiting list of over 800,000 people that wanted the product.”
Tenev: The shift from consumer spending to retail investing will accelerate
“We've seen a shift from spending to investing that, that we've encouraged, and I expect that to accelerate a little bit over the next few years.”
Tenev: The NYSE floor is a media center; trading happens in NJ
“There's no human component to it anymore. The floor of the New York Stock Exchange is a media center and all of the actual trading infrastructure is, is across the river in New Jersey. And so the cost of it is, is very, very low.”
Robinhood's viral waitlist launched accidentally after a viral Reddit post
“Somebody found that way to Robinhood free stock trading. Posted it on Reddit, so it's like a Friday night, and then all of a sudden we're like, man, we're getting a lot of traffic, where is this coming from? So we actually hooked up Google Analytics, which tha…”
Stebbings: Robinhood makes underwriting debut listed 18th on Oura's IPO
“One is this Robin Hood's first role as an underwriter. They're listed 18th and last.”
Stebbings: Robinhood market cap grew from $35B to $85B in eight months
“When you were last in that chair, you had a market cap of thirty five billion. And today I think the market cap is about eighty five billion dollars.”
Vlad Tenev: Robinhood Was Uncompetitive on Margin Rates Until Recent Cut
“We were frankly not very competitive with our margin product in the US up until recently, and then we changed our rates.”
Tenev: Robinhood was the top App Store app during GameStop surge
“Robinhood was the number one app in the app store. And my feeling at the time was, you know, everyone was sort of like, Wow, you should be really happy. You're the number one app in the app store ahead of Instagram and TikTok. Not just financial app, but every…”
Robinhood expanded headcount 4x from 1,000 to 4,000 between 2019 and 2022
“We went from, I want to say we were under a thousand people At the end of 2019, so right before COVID, I think right around a thousand, maybe a little bit under, and then in 2022, January of 2022, when we finally announced, you know, that we were a remote firs…”
Tenev: Robinhood options market share grew nearly 20% last year
“Options was up 20%, close to 20% last year. Equities up 14%.”
Charles Schwab's average customer age was 55 when Robinhood launched
“Charles Schwab had grown up with those customers in the average age I think at the time Robin Hood started was 55 years old”
Robinhood founders built high-frequency trading software before Occupy Wall Street pivot
“So they had built software for high-frequency trading firms, and you saw sort of this shift in their founding story when they kind of realized that they were part of the problem that was starting to manifest itself at the time with Occupy Wall Street, really t…”
Robinhood raised $5.6 billion total, including a $2.4 billion emergency round
“To date, Vlad has raised over 5.6 billion dollars with Robin Hood, including a 2.4 billion dollar raise just this month, and some of their investors include the likes of Ribbit, Sequoia, Green Oaks, Index, IVP, Thrive, GV, and more incredible names.”
Susa Ventures Announces $50 Million Fund II
“Last week, they announced the raise of Fund Two, a new fifty million dollar fund, absolutely testament to the quality of Fund One, which included the likes of some incredible companies and former guests of the show, including List, Robinhood, LendUp, and many …”
Robinhood built a 1-million-person waitlist before product launch
“They were able to build one million people waiting lists pre-product launch, and if that wasn't enough,”
Robinhood was first fintech product to win Apple Design Award
“They're also the first fintech product ever to win an Apple Design Award.”