The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 49 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Tenev: Robinhood was not pressured by outside forces to halt trading
“This wasn't, you know, a value judgment or some kind of moral stance and we weren't pressured into doing it by anything other than our regulatory deposit requirements.”
Chamath: Robinhood was insolvent and lacked capital during GameStop halt
“This company was insolvent. They did not have the capital requirements to post the margin that was being asked of them by their partners.”
Tenev: Robinhood restricted buying in 13 stocks to meet deposit requirements
“We just had to do what we did to meet our deposit requirements, because if we didn't do that, we would be in violation. And the consequences of that could have been much, much worse than simply halting buying in the 13 stocks.”
Tenev: Robinhood's $3.4B raise provided liquidity, not a deposit bailout
“We met all of our deposit requirements. The new capital that we raised, the 3.4 billion, wasn't to meet our ongoing deposit requirements. We had met them and in order to relax them and eventually unrestrict them, we needed to raise some more capital and eventu…”
Chamath: Robinhood is the Lehman Brothers or Bear Stearns of 2021
“This is the, they are the Lehman brothers or Bear Stearns of 2008 to me.”
Sacks: The GameStop short squeeze broke because Robinhood restricted buying
“Look, it was that Thursday where the short squeeze ended because WallStreetBets couldn't keep buying. They couldn't keep engineering their side of the trade. Right. Obviously, that's why it cracked, right? And Robinhood was a big part of that whole thing colla…”
Chamath: Robinhood trading halts cost retail investors billions of dollars
“It costs individuals, hundreds of millions, probably billions, maybe even tens of billions.”
Tenev: Robinhood faced enforcement actions and a Wells notice under Biden
“Last administration, we were playing a lot of defense. It was just sort of like one enforcement action, and we had a Wells notice in all aspects of Our business were sort of under assault”
Tenev: Robinhood was first to tokenize OpenAI and SpaceX shares
“We were actually, I think, the first to tokenize OpenAI and SpaceX, and we made that available to our retail customers in Europe in the form of a giveaway”
Calacanis: Athena is growing faster than Uber and Robinhood did
“It's the fastest growing company I've ever seen. And I'm including Uber in that it has been growing at you know, A rate that I'll just say is faster than Uber and Robinhood when we were investing in them tens of millions of dollars.”
Calacanis: Robinhood could eventually become a trillion-dollar company
“There's a chance this could go 10, 20, 30 x from here. I think it could be a trillion dollar company someday.”
Sacks: Robinhood will IPO at a $50B-$70B valuation
“Now they're going to be able to IPO at like a 50, 60, seventy billion dollar valuation”
Tenev: Brokers using third-party clearing firms faced identical deposit demands
“Well, I think a lot of the a lot of the other brokers who relied on clearing firms had the same issue, right? You know, there's firms like Apex Clearing which has introducing brokers Cash App, for example, clears through a third party as well, and they all had…”
Tenev: Most Robinhood users do not use leverage or trade options
“Most of our customers don't use leverage. Most of our customers aren't active traders or trading options”
Tenev: Robinhood should have provided more detail in trade restriction emails
“I think the automated emails that went out to customers saying your stocks are, you're restricted from buying these stocks probably could have been handled a little bit better. We probably could have offered more detail into that with the foresight that maybe …”
Tenev: Robinhood shifted to intraday position limits across 50 stocks
“By Friday, we had moved to a much more sophisticated system where intraday we adjust the position limits in it was up to 50 stocks, and we published that on our website.”
Calacanis: DTCC demanded $3B in collateral from Robinhood
“The Depository and Trust and Clearing Corporation, which is Wall Street's main clearinghouse for stock trades demanded three billion dollars in additional collateral from Robin Hood, which they said was an order of magnitude more than usually required.”
Chamath: Robinhood employees will be creamed by $3.4B rescue dilution
“I'll tell you the only group of people that are for sure going to get completely creamed in this, which are employees.”
Sacks: Robinhood made a big mistake restricting customer trading
“And I actually think if that's all that was involved, that was a big mistake. I think Robinhood should have eaten it.”
Chamath: Robinhood is going to get sued into oblivion
“I think that what's going to happen is they're going to get sued into oblivion.”
Chamath: Investors won't back Robinhood at $11B valuation, but would at $3B
“Nobody's going to show up with five or ten billion dollars at eleven billion pre. They'll show up at five or ten billion dollars at three billion pre and they should take the money.”
Calacanis: Robinhood will survive the GameStop trading crisis
“They will not be. They will get through this, and there has, this is an unprecedented black swan event, I think we would all agree.”
Calacanis: Retail gambling and prediction market platforms will be 2026's top asset
“My pick for best performing asset will be the Robinhood Polymarket prize picks, gambling, wagering space because people will be able to have a little cash around to make some bets. You could buy Coinbase in there too, I guess.”
Sacks: Trump's crypto policies drove Robinhood's stock price surge
“By the way, what's the reason why your Robinhood stock is through the roof? Because of the crypto policies of the Trump administration.”
Tenev: SEC fine was for order flow disclosures, not gamification
“Yeah, well, so the fine wasn't for gamifying Robin Hood. It was for Payment for order flow and business model related related things. The gamification one is the Massachusetts securities securities one, which is a separate thing.”
Calacanis: VCs must be loyal "ride or die" partners to founders in crisis
“I am trying to work with the company to help them resolve the issues. And I need to be loyal to my founders. And I need to say, Hey, How do we resolve this? How do we get here and work with them? And I'm sorry that I'm ride or die. But that's how I approach th…”
Chamath: Citadel handles 47% of payment for order flow volume
“Citadel is responsible for 47% of all the payment for order flow volume. They paid Robinhood almost sixty million dollars in the third quarter.”
Chamath: Robinhood was massively under-equitized for customer trading risk
“Number one, it was under-equitized, right? At a minimum, the business was massively under-equitized.”
Calacanis: Chamath would defend Robinhood if he were an early investor
“If Chamath did the Series A in this, he would be backing up Robin Hood like this to the end of the end of Earth”
Chamath: Robinhood should pause operations and allow user capital transfers
“I think the right thing to do is to stop the business, hit the pause button, allow people to elegantly transfer their money out.”
Chamath: Robinhood expanded trading restrictions to nearly 40 stocks
“Robin Hood just tweeted that now the list of, ah, restricted names is now up to almost 35 or 40.”
Tenev: Robinhood has a live prediction market on upcoming IPOs
“So for example, we have a prediction market live on the platform now about which companies are going to IPO.”
Tenev: Robinhood offers public and private tokenized securities in the EU
“We've made both available to some extent in the EU.”
Tenev: Robinhood holds over $250 billion in assets on platform
“We've got over a quarter trillion assets on the platform already”
Tenev: Robinhood cannot currently offer synthetic contracts on private stock
“We can't do that currently and OpenAI in particular is a tricky one,”
Jason Calacanis discloses he is holding all of his Robinhood stock.
“We're not dispensing stock advice, but I'm not selling any of my shares.”
Calacanis: Robinhood investment will return 3x-4x Launch Fund 1
“This one deal will do three or four times the value of the first fund, the launch fund one, which was eleven million dollars.”
Friedberg: Robinhood is almost certain to offer IPO shares to customers
“I think it's almost certain they're going to give some of the shares available in the IPO to Robinhood customer.”
Tenev: Robinhood does not permit short selling by retail investors
“Robinhood actually doesn't allow short selling by individuals, but a lot of the other brokers do.”
Tenev: Robinhood options trading cannot be executed on margin
“Number one, you can't trade options on margin. So options are all fully paid for, right?”
Calacanis seeing rising secondary market bids for Robinhood shares
“All I know is I've been getting increasing offers for my Robin Hood shares in the secondary market”
Chamath: Robinhood previously faced liquidity crisis and drew credit lines
“This happened in March of, they went through this liquidity crisis. They've had to draw credit lines before.”
Calacanis says he paid under a penny per share for Robinhood stock
“I paid less than a penny for my shares, but yes, it went from 13 to one 50.”
Calacanis: Invested in Robinhood at a $20M valuation before launch
“It was a twenty million dollar valuation, but it's a good story, I think, because you hadn't launched, and we're at Antonio's Nuthouse.”