Robinhood

No single number decides. Layers can disagree — that's the point. New to this? →

The platform's own early signals for this company — hard-to-fake, and where one preceded a real raise, the measured lead.

• TLS certificate transparency 3 signals · latest 2026-03-29

See the full track record →

• neutral assessment Howard Lindzon

  And if Vanguard and BlackRock had just offered this feature, there'd be no Robin Hood. Wow.

• bullish endorsement Jason Calacanis

  They said, all right, fine. Tell me how you make money. And they said, well, that's the kicker. We're going to make it free. And I was like, okay, I'm in. And it makes no sense in one way. But if you're saying, if it does work and it's a long shot, what happens to the world? And I just said, what if they get a million people doing this?

• bearish assessment Unattributed

  Two is on the Robinhood traders and kind of the retail speculation. It's all the same. Like everything you just mentioned from ICOs to sports gambling to public marketing gambling, everyone is chasing easy money, right? And what you can quickly identify is what's the strategy? And literally people will tell you kind of all kinds of crazy stuff in the ICO boom. They'll tell you all kinds of crazy stuff right now. But if you've been around and paying attention, like buying a bankrupt stock and hav

• bullish fact_claim Unattributed

  when i was a sequoia scout you know in robin hood and uber we owned basis points in other words less than one percent of those companies now those were extraordinary outcomes so it wound up being massive returns

• bearish criticism Unattributed

  If they default me to a, to an options screen, then you are putting your imprimatur on it. This is somehow the default option.

• bearish criticism Unattributed

  is it a good idea for a first-time investor to have their default screen on Robinhood or SoFi be to a options screen, as opposed to a stock screen? Right? Like, I'm not sure I would make the default way to trade in something, an option, which is intrinsically levered and risky. Relative to the stock. That's not sending the signal that we want you to be a long-term investor, right? By its very nature, 100% of the gains on those is going to be short-term capital gains because they exist for tradin

• bullish endorsement David Friedberg

  My third best investment in my career, Robinhood, is about retail. For sure.

• bullish prediction Unattributed

  I wouldn't be surprised someday if Robinhood gave mortgages or Robinhood had bank accounts and checking accounts and all this other stuff. You could see all that being one singular service. And I think, I mean, I'm talking my own book here. I think Robinhood will be a trillion dollar company in the next decade. That's my personal belief. I'm long the company and have been since I met the founders.

• bullish prediction Unattributed

  I think Robinhood, Coinbase, Wealthfront, all these services are going to provide everything eventually.

• neutral fact_claim Unattributed

  if you look at robin hood and sofi and you compare them to the old guard and the barriers to ipo access robin hood no minimums

• neutral fact_claim Unattributed

  robin hood will not be an underwriter but they will get an allocation of shares by partnering with investment banks

• bullish prediction Unattributed

  i think that they will become the preeminent bank for this

• bullish endorsement Unattributed

  robin hood has always stood for trying to democratize and make the financial system more equitable and here is a perfect example of it

• bullish assessment Unattributed

  robin hood as a clearinghouse for ipos sounds pretty compelling if they have tens of millions of members that would cement even more people using the services

• bullish endorsement Jason Calacanis

  in other news robin hood which i'm an angel investor in uh just for clarity and to do a little mini flex announced ipo access they're basically going to allow retail investors to buy ipo shares before the company officially lists in a blog post on thursday robin hood titled robin hood is democratizing ipos robin hood announced they were rolling out ipo access to retail investors with no account minimum this is super important and amazing because obviously ipos pop on the average of 36 in 2020 ac

• neutral fact_claim Unattributed

  if robin hood makes trading free uh and they do it with payment for order flow people trade more

• bullish assessment Jason Calacanis

  when you use robin hood for the first time thumbtack com or uber you had this magical moment where you said this is so transformative i can get a car or i can get food anytime i want by pressing a button oh uh robin hood i can trade a stock for free and i'm onboarding in seconds those give you that kind of vibe

• bullish prediction Jason Calacanis

  Insidecom, Grin, Fitbod, and Robin Hood and you know, this cohort of companies I've been lucky enough to invest in, they're going to be the majority.

• bullish assessment Unattributed

  And it's also, it's, it's such a good thing, not only just like to incentivize you to share, but it's also such a great retention tool, right?

• bullish assessment Unattributed

  No, that referral program is amazing, right? Because to me, it's like one, you're being paid in money, but two, you're being paid in the exact asset. That is the reason you came to the actual product.

• neutral fact_claim Unattributed

  And it was kind of interesting when I, when I, when Vlad pitched me on Robin Hood. I was like, how are you gonna acquire customers? He's like, oh, that's easy. We're gonna give them a free stock. I'm like, you're gonna give people money in the form of a stock. He's like, yeah, but you know, think about it. You know, they're spending $250 to acquire an E-Trade customer.

• neutral fact_claim Unattributed

  But the truth is Robinhood users are as active as ever, according to their s one. And there's 18 million of them.

• neutral fact_claim Unattributed

  Robinhood is offering 35% of its IPO shares to retail investors

• neutral fact_claim Unattributed

  The adoption 22 million members speaks for itself.

• bullish endorsement Jason Calacanis

  today had a great day. Robin Hood went public. Yeah. That's crazy. Yeah, I mean, it's the third biggest win of my career after Uber and calm, which are now tied.

• bullish endorsement Jason Calacanis

  feels to me like they're trying to be very intellectually honest about what's an account which is great

• neutral fact_claim Samir Kaji

  we've seen these, you know, large companies, whether it be Robin and Coinbase, go through a lot of difficulties in the public markets.

• bullish endorsement Jason Calacanis

  Robinhood doing great today. I think they're, I think they're here for the long term. I didn't sell my shares. We were seed investors. We distributed them. You know, that was a, that was a crazy whipsaw with Cathie Wood buying a bunch of it. You know, I think she bought it 50 or 60. It went way up. We weren't able to sell. We were in lockup probably had the opportunity to sell at a higher price and we distributed that in the private markets talking about secondary before, but we believe in the c

• bullish assessment Jason Calacanis

  We knew three of them were definitive winners. It was super clear. Superhuman, Calm, and Robinhood were just exceptional companies bringing out.

• neutral fact_claim Jason Calacanis

  i got absurdly lucky to hit two robin hood i think it's worth 20 now billion i still have my shares and then uber i still have a lot of shares and it's

• bullish assessment Jason Calacanis

  Robinhood, you know, doing fantastic as well.

• bullish endorsement Unattributed

  If you go and you want to trade options inside of Robin Hood, my Lord, it is awesome how they educate you.

• bullish endorsement Unattributed

  if we're going to allow FanDuel and all these other sports books to have television advertisements and let people gamble on their phones at work with money, they may or may not have, then to me, Robin Hood and Kalshi should be allowed to play. A hundred percent.

• mixed assessment Unattributed

  Yeah. So the big news this week was that Robin Hood, everyone's favorite free stock trading platform, now public, uh, was going to team up with Calci to do essentially bets on the super bowl and Calci and Polymarket really rose to prominence during the last election, um, as a place for people to, to wager. And Jason, I think you said like, this is, um, a way to track that maybe the smart money, if you will. And this was a big deal, very exciting. And then suddenly Robin Hood came out today and s

• bullish endorsement Jason Calacanis

  here oh my lord you know i haven't sold the share of my robin hood i was a pre-launch investor

• bullish assessment Unattributed

  i want to just show a chart of robin hood's results because i think it underscores the boom we're seeing in fintech today

• bullish assessment Vlad Tenev

  I think what was so differentiated about Robinhood at the time, Robinhood did two things well that, that hadn't been done before. One was introducing zero commissions and kind of proving that that could work. But the second was actually moving brokerage into mobile, which also hadn't been done. And I think we were, we, we made the right bets there because zero commission ended up being the industry standard and the, and brokerage moved to mobile as, as primary. And actually every brokerage of co

• bullish fact_claim Unattributed

  they do, I believe, also get revenue from payment for order flow, the original impetus behind Robinhood's amazing growth.

• bullish assessment Unattributed

  Robinhood had a great quarter, Jason. So I'm curious how much room there is for more consumer facing trading applications.

• bullish assessment Unattributed

  much like most people don't understand derivatives or options contracts and yet robinhood's doing very well yeah right robinhood's crushing it

• bullish fact_claim Jason Calacanis

  We distributed those shares from our first fund at, I think, $12 or $14 a share... people who were LPs in that fund, I talked to a couple of them who didn't sell and, you know, that's a four or 5X difference, right? More, you know, 5X difference, 6X difference.

• bullish endorsement Jason Calacanis

  I wouldn't sell a share of Robinhood ever. I mean, I think the amount of assets they have under management and the way they keep releasing great features to me makes it a huge winner.

• bullish endorsement Jason Calacanis

  I'm team Robinhood... what makes Robinhood very special is Vlad is an incredible product guy who keeps adding products to the mix. And so I think they have, you know, many different products, including their credit card, which now has millions of people on the wait list.

• neutral fact_claim Unattributed

  Robinhood was zero-cost consumer trading of equities that moved into crypto. Coinbase, of course, started off with a crypto base and has been moving into other products as well. But they're worth the same now in terms of their market cap.

• bullish endorsement Unattributed

  Obviously, I'm a long-term shareholder of Robinhood, never sold a share in it. And I think it broke $70 a share. It's at an all-time high right now.

• bullish prediction Jason Calacanis

  I think Robin hood's about to be put in the S and P 500.

• bearish prediction Unattributed

  i think we're going to have more open ai robin hood disputes though as more companies try to tokenize and trade assets that are not really supposed to be that liquid

• neutral assessment Chamath Palihapitiya

  but robin hood i guess would they have an after hours market would trade you know during market hours and a plus a little bit

• mixed assessment Unattributed

  on one hand i love to see innovation and people having access to more assets on the other hand at some point you're financializing a bit too hard and i think tokenizing an spv which we don't know if it's a layer one or layer two spv struck me as slightly uh disconnected from actual equity

• bullish assessment Unattributed

  One is clear breakouts. And I have senior people on the team who can kind of manage those board relationships, et cetera. So Robin Hood, Superhuman, et cetera. We, you know, they're breaking out. They've got whatever amount of revenue.

• mixed assessment Jason Calacanis

  feeling a little flush, but also humble enough to know these things could come down 30%. For sure.

• bullish endorsement Jason Calacanis

  If they do, it's probably an opportunity for me to buy more. And so I think these are very strong companies. I'll stick with them.

• bullish prediction Jason Calacanis

  I kept the Robin Hood position, which is now as a private market, I think I'm up a half million dollars in that bet. I'm not going to clear it because I think Robin Hood is not fully valued yet. I think it'll be a $200 share.

• bullish endorsement Unattributed

  It's always going to be a little bit complicated, but at least they were really trying new things.

• mixed assessment Unattributed

  The thing that I'm a little bit uncertain about is what companies are they going to put into this fund? Because if you go to the Robinhood explainer page, it says, do you want to join the fund? Are you a company? Send us an email. So I'm trying to sort out exactly what Robinhood's going to do. I don't think it's fully clear.

• bullish assessment Jason Calacanis

  Robinhood's gotten faster at producing great products. They're leaving everyone in the dust.

• bullish assessment Jason Calacanis

  They keep figuring out new ways to engage their customers. They added crypto, they added prediction markets, they added this closed end fund. Innovation beats stagnation any day of the week.

• bullish endorsement Jason Calacanis

  The reason I never sold a share of Robinhood is because Vlad is a product genius and he listens to his users.

• neutral fact_claim Beth Kindig

  By the time that Robinhood or Coinbase or some of these other ones go to the public markets, a lot of, you know, the returns are taken by the private markets and then, of course, the institutions.

• bullish fact_claim Unattributed

  one really cool thing they did was they were using say technologies which is uh was acquired in august of 2021 and they took a handful of questions from retail investors which typically only the banks ask questions during these calls

• bullish assessment Unattributed

  they're also vlad noted they're going to do live 24 7 phone support and that's going to be a big game changer doing 24 hour seven days a week is coming over the top and basically providing more than you know a lot of other services do where you have to call during business hours

• bullish endorsement Unattributed

  so as a robin hood shareholder i believe this company will be worth 10x in 10 years that's why i'm holding my shares great management team loyal customer base incredible product design it's not an accident when somebody builds a 10 or 20 million account base it's not an accident when somebody builds a wall world changing beautiful app

• neutral fact_claim Unattributed

  they announced in a press release that robin hood would be offering retirement accounts in the future this means they're going to go up against betterment uh wealth front

• bullish assessment Unattributed

  robin hood clearly wants to boost its crypto presence and that's why they're making this crypto wallet uh robin hood offers no fee crypto trading which they can use to market against coinbase which is staggeringly expensive

• neutral fact_claim Unattributed

  robin hood introduced crypto trading in 2018 uh and in q3 crypto trading accounted for 51 million of transaction based revenue about 14 of total revenue

• bullish assessment Unattributed

  one of the big efforts they're going to have is this crypto wallet and so robin hood announced that uh in late september vlad announced that the waitlist was already over a million users and this is critically important when you have a huge base of users you can launch products that are adjacent to yours and that will then you don't have to acquire a customer for that service it just shows up in your app

• bullish endorsement Unattributed

  i believe robin hood airbnb uber these are all belt to last companies

• bullish assessment Unattributed

  so a little retreat and a little bit of like maybe cleaning up uh shop and building some infrastructure here is a really good move for startups that are growing too fast

• neutral fact_claim Unattributed

  robin had reported their q3 earnings and disclosed a 35 decrease in top line revenue from q2 robin hood stock is currently down about nine percent and after hours trading q3 revenue uh was 365 million that's up 35 percent year over year which puts you in the high growth category but it's down 35 percent from the monster quarter they had last quarter which was 565 million dollars ... net loss of 1.3 billion ... q3 average revenue per user arpu 65 a user that's great but it's down uh from the 102

• bullish fact_claim Unattributed

  You know, Robinhood, you know, Dropbox, you know, Uber, give a ride, get a ride. You get somebody to sign up for Robinhood, they give you a free stock, the other person gets a free stock. This is how Robinhood grew massively. And it was probably the best viral loop of all time, over 50% of users, according to the Robinhood S1, the document they file when they go public, were first time investors. So over half of Robinhood's, you know, almost 20 million users, when it was like maybe 18 at the tim

• neutral fact_claim Unattributed

  Robinhood, most people would say you can trade for free, you get the idea.

• bullish endorsement Unattributed

  i am a huge fan of both coinbase and robin hood ... they're incredibly well-run companies they have an incredibly large user base already and passionate users who are not going anywhere ... product velocity releasing new products so robin hood with their crypto wallet

• bullish assessment David Friedberg

  coinbase and robin hood have real customers and revenue ... these are millions of customers

• bullish prediction David Friedberg

  i think that's a great opportunity for robin hood to add users

• neutral fact_claim David Friedberg

  robin hood has 17 million monthly users so you're seeing the difference between the crypto and the trading of stocks

• neutral fact_claim David Friedberg

  robin hood offers something similar with robin hood gold that's five bucks a month and that lets you have bigger instant deposits professional research from morningstar level 2 market data from nasdaq access to margin investing all kinds of like premium stuff

• neutral fact_claim David Friedberg

  not dissimilar to robin hood's story but in their year-over-year numbers they were still up huge so if you remember robin hood's earnings on episode 13 13 two weeks ago revenue is down 35 percent quarter of a quarter but up 35 percent year-over-year

• bullish endorsement Chamath Palihapitiya

  sell my shares in square or uber or you know com.com or robinhood no i still believe in these companies

• bullish endorsement Chamath Palihapitiya

  i would say airbnb uber coinbase uh robin hood now i'm in two of those four names but that's what i do for a living

• bullish assessment Jason Calacanis

  how about maybe spend some time giving the market more clarity, some regulatory certainty for companies like Robinhood or Coinbase that could actually either help them grow or help them grow safely as opposed to getting involved in private companies

• bearish criticism Jason Calacanis

  And so what do people do when they're at home with nothing to do and a lot of money? And they fire up Coinbase, they fire up Robinhood, they fire up, uh, fantasy sports apps and they start gambling.

• bullish assessment Jason Calacanis

  Yeah, I mean, Robin Hood, obviously, I'm a shareholder and was an angel investor in and invested before they went public. You know, this I think the proper valuation of a company like this would be 30 billion. It's at 10 billion right now. If you look at it, the price to sales ratio on the current market cap for 2021 revenue is 5x, you know, I could see that being 10 or 15. But they did have this peak when everybody was trading like crazy during the pandemic. So there's some pandemic stocks here

• bullish fact_claim David Friedberg

  And, you know, of course that fund hit calm and Robin Hood and, you know, a bunch of other, you know, corns and it did very well.

• bullish endorsement Jason Calacanis

  Charles Schwab interactive brokers and fidelity they cited customer demand for extended hours trading and want to eventually reach 24 seven trading. Fantastic.

• bullish endorsement Jason Calacanis

  sbf has been like interested in robin hood for a while way back in 2021 in june he pre he talked about how the name is so awesome it's easy to parse and remember uh he goes four years ago someone told me that robin hood was a zero fee retail stock trading app i never forgot that so 100 opportunistic

• neutral fact_claim David Friedberg

  is the company worth three billion and yesterday it was worth seven billion before the bump so if you take out the six billion it was worth 1.2 with whatever it was

• neutral fact_claim David Friedberg

  i think they hit a high watermark of 21 million active accounts maybe they're at 18 now because people have you know are not opening their accounts

• bullish assessment David Friedberg

  this is just an opportunistic buy is my take on it by somebody who's in the know we did a little take the other day what is the market cap of the company minus the cash in the bank which gives you true enterprise value if the true enterprise value seems insanely low after you net out their cash because the cash could buy that equivalent of stock if you just think of it that way people are bargain hunting hunting and what did i say last week people were asked for earlier in the week i should say

• mixed prediction David Friedberg

  I would, it could be like a year or two of sideways. I mean, I, but I, again, I think in 10 year increments, if you, there's no way I don't see the company having 50 to 100 million active accounts 10 years from now.

• bearish criticism David Friedberg

  I don't have many insights. I don't talk to management now that it's like a public company all that often. Um, but they should be, you know, releasing product fast. I think there's a lot of cleanup work that probably had to be done and a lot of management distraction, I would say.

• mixed assessment David Friedberg

  It's very rare to be a product genius in the world and that might not be good enough though in a, in a brokerage industry.

• bullish endorsement David Friedberg

  Yeah. I mean, he's, I understand why he's not popular right now, but he's also a product genius and their product genius, genius is over there.

• bullish endorsement David Friedberg

  I do think the world of the, of the founders and their ability to make great product.

• bullish prediction David Friedberg

  I am holding my position. I was, uh, an investor before they went public. I had, man, I wish I could have distributed to my LPs at 30 dollars a share. Um, but I do think the world of the, of the founders and their ability to make great product. I know there were like some issues with like this massive denial of service attack where everybody wanted to short the same stock. Like, this is what happens with successful companies. They become sometimes too successful, but I'm holding. I do think it's

• neutral fact_claim Jason Calacanis

  And if you look at Coinbase price to sales and Robinson hoods, and like they were also extraordinary people were really pricing in a lot of growth, a lot of growth.

• bullish endorsement Unattributed

  I have some already, but I think it's a good J trade

• bullish fact_claim Jason Calacanis

  I mean, $6 billion in cash is a really big moat. As you've been saying the stock is up over 13% today as a result of the reduction in force news investors do like that kind of discipline. So you might have missed your chance to get a deal on the J trade.

• bullish prediction Unattributed

  I think they're a brilliant product, brilliant team, still the best product in the market. And I think they will get bought potentially, hopefully, they can defend themselves against getting bought and keep building this for 10 years. That's my hope.

• neutral fact_claim Jason Calacanis

  Robinhood CEO Vlad Tenev wrote in a blog post saying the previous layoffs did not go far enough in helping cut costs. He also said, quote, The reality is that we over hired in particular in some of our support functions. And then Robinhood also moved its q2 result up a day earlier than scheduled revenue was $318 million down 44% year over year out net loss 295 million. That was 200 million less than it lost in q2 2021. And monthly active users and this is that real, you know, number in terms of

• bearish criticism Bill Gurley

  if you're planning an RIF or reduction in force and haven't executed yet, please see this as a lesson. Robin Hood did 9% in April, and now 23%, 5 to 10% riffs are all of the pain and none of the gain and are frequently followed by a 20 to 30% rift later, if you're gonna do it, try to do it only once.

• neutral fact_claim Jason Calacanis

  Actually, the Robin Hood severance says people can stay on till October 1. So I'm assuming that's probably Warn Act related.

• bearish fact_claim Jason Calacanis

  news came out yesterday, I think last evening that Robin Hood was laying off something like 20% 23% of its employees as retail trading slows. Remember, back in April, Robin Hood cut 9% of staff, the two rounds in total have cut more than 1000 jobs from the company.

• neutral fact_claim Jason Calacanis

  unlike say robin hood where i was locked up and the shares were really high during the lockup and then they came down after we were all unlocked

• bearish criticism Bill Gurley

  I hate the, uh, five to 10% layoffs. You don't get any material impact to lowering your expenses yet. You get all the cultural negatives of having done a layoff. You end up with two or four, two or three of them, which I can't tell you. I mean, I have a friend who's at this company right now who keeps doing these little drip drabs and, and it's caught in it. Then it causes good people to leave because it just is like this constant, like, get it over with.

• bullish assessment Jason Calacanis

  i'm going to be watching these very closely to see if it has figured out much like ramenhood seems to be doing how to diversify its revenue

• mixed assessment Jason Calacanis

  if robin hood is diversifying away from sort of transaction-based revenues and becoming a trading lender and diversifying revenue into margins there is risk there the interest rates are higher so it's going to be a better revenue stream for them but it also does lead to potentially more scrutiny right all of the people who were like oh you're inducing these traders to make bad decisions by making it so easy and free are now going to say whoa whoa you're turning around and lending and letting the

• bullish fact_claim Unattributed

  net interest revenue 128 million up 103 percent year over year and up 73 percent quarter over quarter

• bullish assessment Unattributed

  there are some positive signs in here especially around that financial discipline

• bullish assessment Unattributed

  here you have a 23 moving the needle number yep definitely

• bullish fact_claim Unattributed

  robinhood cutting 23 percent of its staff in august so doing a significant riff

• bullish fact_claim Unattributed

  the stock is up around 10 percent

• bullish fact_claim Unattributed

  robinhood cut its net loss to uh by 87 year over year cut its net loss 87 year over year that's what we're talking about

• bullish assessment Jason Calacanis

  and then robin hood uh one of the companies i angel invested in and i'm still a shareholder in reports our earnings and uh there's a lot of lessons in here for what's going on in the uh macro environment and for startups and founders yeah it's a lot of the cutting the cost there and they're they're getting multiple revenue streams online always a wise idea i'm really starting to see the stratification and the companies who are gonna come through and the ones who are gonna have a rougher ride

• bullish fact_claim Jason Calacanis

  i gave these 25 50k checks to amazing companies like robin hood uber etc

• neutral fact_claim Zach Perret

  On the investing side. We work with companies like Robin hood and many others on, on the peer to peer side.

• neutral fact_claim Unattributed

  He's worth 10 or $15 billion.

• neutral fact_claim Unattributed

  He has to own 5% of it. He might own as much as 15% of it.

• neutral fact_claim Unattributed

  this is $143 billion company.

• neutral fact_claim Unattributed

  Because remember when they launched the AI Studio Ghibli moment that we talked about on the show and they were melting their GPUs? I presume right now they're trying to keep demand at a moderate level to see what the load looks like.

• neutral fact_claim Unattributed

  My understanding is that it's free. And I think that's probably why they're limiting how many people can go into it right now.

• bullish endorsement Chamath Palihapitiya

  the reputation of Zuckerberg and Facebook and Meta is, you know, to just create consumer-based stuff, and the reputation of OpenAI is to create industry-leading stuff. So if Facebook releases something, it's typically not innovative. It's typically copied from somebody else. When OpenAI releases something, you're going to assume, oh, this is the best-of-breed product. So I just assume Sora, if it's coming out of Sora, it's the best one.

• bullish assessment Jason Calacanis

  And man, you watch Wealthfront add features, Robinhood add features, Coinbase add features. And these are all founder-led companies. So I'd say it's both of those things. It's the legacy sucking and the founder-led companies, you know, hitting their stride.

• bullish prediction Jason Calacanis

  Are they going to keep it in Goldman? No, they're going to put it into the Wealthfront. They're going to put it into their Robinhood. They're going to put it into their Coinbase account. That's why I think these companies are doing so well is because there's just a generational shift.

• bullish assessment Jason Calacanis

  Wealthfront tries to put you into the most balanced, rigorous portfolio. It's kind of the opposite of Robinhood, where people are day trading and doing, like, individual stuff. This is for people who, like, don't even want to look at it.

• bullish endorsement Jason Calacanis

  I'm a shareholder. Andy Ratcliffe has been on this program no less than five times. He was the co-founder of Benchmark. He teaches a product market fit class at Stanford. And he's really smart. And, yeah, I became a shareholder. Man, maybe in year one or two, I've gotten all my family on Wealthfront. It's really a great way to build an optimized portfolio and pay the most reasonable fees you could ever do. I think they charge 50 bps, 25 bps. It's something ridiculous. It's 25? So, you know, if y

• bullish assessment Alex Wilhelm

  Wealthfront is going public. Now, Wealthfront is a robo-advisor, very popular and well-known in the pre-ZERP era. Quieter since then, lots of venture capital backing. And the company's S1 filing shows a company that's growing quickly and has quite a lot of profitability and is finding a foothold in the Gen Z market. I'm very bullish on this, Jason.

• bullish fact_claim Eric Glyman

  I do. Um, and in some say it's, it's actually been, um, you know, almost faster.

• bullish fact_claim Eric Glyman

  you catch like 15 times more, uh, out of policy spend and you, you save a whole lot of time, uh, that, um, just would have been, you know, people doing low value tasks.

• bullish fact_claim Eric Glyman

  we've seen, uh, leaders, um, you know, like a notion or a Quora or, you know, today, um, you know, thousands and thousands of other companies adopt this and they're able to automatically approve 90% of transactions that are in policy.

• bullish fact_claim Eric Glyman

  we built an AI that knows your expense policy in detail, can see all the context around the, uh, the transaction and with 99% plus accuracy is able to approve flag or deny transactions, uh, on the manager's behalf.

• bullish assessment Eric Glyman

  you invest a lot in, uh, benchmarking, uh, and different tools to kind of go and see what's the accuracy of the models for certain tasks. And it turned out that for 90% of tasks, um, roughly it is a hundred percent accurate. And for 10% of tasks, it is completely inaccurate. And so once you learn, once the models are good at, what you do is you take this 90% of traffic that works really well, and you send it to the low cost model here. And this last 10% of traffic, you send it to the expensive m

• bullish fact_claim Eric Glyman

  we use a lot on accounting automation, bill payment automation, procurement automation.

• bullish assessment Eric Glyman

  today ramp is not only faster, but more accurate, um, you know, really then, uh, almost all accountants, um, you know, using the platform.

• bullish fact_claim Eric Glyman

  last week, open AI had their, their dev day and they highlighted, it was only 30 companies ever, um, that have consumed more than a trillion tokens, uh, on their model and ramp was one.

• bullish fact_claim Eric Glyman

  you can't turn it off with ramp. We were the first, uh, in the world and still one of the only companies on the planet where you can one click, whether it's on one merchant or 10,000, you know, merchants, 10,000 cards. Um, you can say, I don't want to pay for, um, this gym anymore. And every other merchant in, in the world can charge your card except for that one.

• bullish assessment Eric Glyman

  we think that actually reducing cost and helping people spend less ramp helps businesses spend more than 5% less every year is just much more powerful than, you know, the points and rewards. And so we focused on how can we take what at launch when Alex first covered us, we were, you know, help companies cut their expenses by 2% per year. You know, now it's upwards of five. And I think that's too low. I think it should be closer to 10.

• bullish assessment Jason Calacanis

  Wow. Congrats. What do your investors think about that? Like, uh, I guess, pre IPO, that's a good thing because it sets you up, but aren't they also some board members saying, Hey, listen, I, I got in the seed round. I got in the series a, why don't we acquire more customers

• bullish fact_claim Eric Glyman

  we do have a component, um, where you can add on, uh, paid seat based software. Um, it is an extraordinarily fast growing business line. Um, you know, it's, uh, you know, two years old and, uh, you know, uh, already the second largest, uh, component of what we do.

• bullish fact_claim Eric Glyman

  something like 2% of all corporate and small business card spend in the U S is, is, uh, is happening on ramp, but 98% is not.

• bullish fact_claim Eric Glyman

  we, we, we passed over a billion a year in revenue. Um, the business is just about doubling and, um, you know, we're doing it while generating cash

• bullish assessment Eric Glyman

  I think the other way to look at this is actually, um, maybe there's going to be more companies. Um, uh, maybe there's going to be more people who are, uh, not stuck in, um, you know, mid-level, uh, how absolutely working at these giant organizations, but instead, whether it's at startups or more lean and highly leveraged companies, people can just get more done with every dollar an hour. And so I tend to be fairly hopeful in the year and midterm around this.

• bullish assessment Eric Glyman

  you can figure out if you're paying market rate or getting charged a little too much and make your business a little bit better.

• bullish assessment Eric Glyman

  we just try to open source this and let people see what, you know, right or wrong, what are people moving their businesses to? So you can have the latest sense of what actually might be creating value, not just who's marketing, but what are people buying?

• bullish endorsement Jason Calacanis

  people used to trade on information like this at hedge funds where it was available for purchase.

• bullish fact_claim Eric Glyman

  We're now ramp customers over 50,000 organizations are spending more than $100 billion per year across the platform.

• bullish fact_claim Jason Calacanis

  And you've been doing a lot of work around taking the aggregate payments that startups spend. And you're able to, without invading anybody's privacy, putting that out there very clearly, tell us what's going on in the space. Who's spending on what products, huh?

• bullish assessment Unattributed

  they started off their life in the realm of corporate cards. They've expanded quite a lot since then, bringing AI agents to the fintech use case for all companies out there. Jason, they're a mega unicorn. They're doing incredibly well.

• neutral assessment Vlad Tenev

  Yeah. I mean, I think it starts with great people, people that you trust being in leadership positions where they have influence. We've gone through this as we've grown the company and the design team where, you know, the first go around, we hired some professional managers that, you know, were kind of further from the work. But I think the balance we've reached is the people that are the best at the work whose taste we trust the most are in leadership positions. And then, you know, they're kind

• neutral assessment David Friedberg

  obviously this is nothing to a company of the scale of Robin hood

• neutral fact_claim David Friedberg

  2%, uh, annual management fee. And it says here, plus 20% of realized capital gains. Don't know if that's accurate or not.

• neutral fact_claim David Friedberg

  they already hold stakes in 80 private companies

• neutral assessment David Friedberg

  their focus explicitly, Y combinator startups. So competing with the folks on this call to a certain extent

• neutral fact_claim David Friedberg

  they're targeting 200 million in the IPO, New York Stock Exchange, August 13th, maybe it'll go as high as 230 million.

• neutral fact_claim David Friedberg

  This is a unique fund structure. It lets non accredited retail investors buy into private companies.

• neutral fact_claim Rick

  So I think that market's going to open up. It's going to become highly competitive. Obviously Fanatics has announced in this market, DraftKings plays in this market, FanDuel plays in this market, and of course Polymarket as well as Calci.

• bullish endorsement Rick

  But obviously Vlad did an amazing job at Robinhood having that tip of the spear of the low cost trading to just get into all of these wallets, especially in a certain demographic of largely young men, and then being able to offer more higher margin products.

• bullish fact_claim Jason Calacanis

  So assuming they can line that up because that's probably what's going on right now is a $10 billion investment is going to go into this company pre-IPO so that they can actually take advantage of this situation and grow.

• bearish prediction Chamath Palihapitiya

  I think that what's going to happen is they're going to get sued into oblivion.

• bearish criticism Chamath Palihapitiya

  I think that the issue isn't Robin Hood's ability to grow. It's that they don't have their ability to run their business. And so their incompetence is going to cause them to, I think, have to deal with-

• neutral fact_claim David Sacks

  the trades are, the order flow is going from Robin Hood to Citadel. They're not going to be caught flat footed. They're on the other side of this trade. And so, you know, I just think the house always wins.

• bearish criticism David Sacks

  But the thing that I think kind of stinks about it is the point that Chamath is making about who is doing the trade execution for Robinhood. Those trades are flowing to Citadel. Well, that's part of it. That's part of it, but 47%. But who is now on the short side of the trade? Citadel went in and bailed out Melvin and Citron. And so they're on both sides of this trade. Now, how does that make sense? Well, Citadel.

• bearish criticism David Sacks

  And it was really bad to pull the plug on the- They wish they didn't have to, I'm sure.

• neutral fact_claim Unattributed

  Robinhood makes money through a mechanism that's called payment for order flow. ... Citadel is responsible for 47% of all the payment for order flow volume. They paid Robinhood almost $60 million in the third quarter. ... seven and a half million for S&P 500 stocks and 31 million for non S&P 500 stocks.

• bearish criticism Chamath Palihapitiya

  this company was insolvent. They did not have the capital requirements to post the margin that was being asked of them by their partners and so this was a platform level decision to ban and block people from trading securities. It cost individuals, hundreds of millions, probably billions, maybe even tens of billions.

• bearish criticism Unattributed

  a lot of the users of robin hood didn't understand that they were the product not the customer

• neutral prediction Chamath Palihapitiya

  i think it's clear that you know elizabeth warren to aoc to whomever are going to now spend a bunch of time talking about it it may or may not change

• bearish criticism Chamath Palihapitiya

  it turns out that it may have also included the people running robin hood to be quite honest

• neutral fact_claim Chamath Palihapitiya

  you know folks like robin hood make a ton of money from it

• bearish criticism Jason Calacanis

  made good on that and i actually think if that's all that was involved that was a big mistake i think robin hood should have eaten it

• bearish criticism David Sacks

  i actually think that if the choice is simply between you losing money you the company or your customers or lose your users losing money i think that's an easy choice i think the company eats it look what airbnb did during covet right when they had a whole ton of cancellations because of covet they ate that the they ate all those deposits they

• bearish criticism David Sacks

  the fact they didn't do that and the fact that they didn't post a blog explaining the reasons behind the choice and in fact vlad's now had to go back three times to explain it i think that's created a world of problems for them

• neutral fact_claim Jason Calacanis

  we all know they raised 2.4 billion this week on top of the 1 billion from Wednesday on top of the 600 million dollar credit line that's 4 billion in cash apparently the requirement for them went from 3 billion to 700 million so it seems like that's there's some equaling out of

• neutral fact_claim Jason Calacanis

  the depository and trust and clearing corporation which is wall street's main clearing house for stock trades demanded three billion dollars in addition collateral from Robin Hood which they said was an order of magnitude more than usually required

• bearish criticism David Sacks

  I think that look, I think I don't think Vlad's a bad guy. I think he's a good guy. I think Robin Hood wanted to do the right thing. I don't think they had any reason to want to freeze their own users out of their accounts. I don't think they wanted to do what they did. I think that there was a little bit of a blind spot there on his part in terms of understanding the consequences of that freeze out, right? Because it did break the buy side of the trade for Wall Street bets. And then that that b

• mixed assessment David Friedberg

  The debrief for my opinion is that, um, I, I think that there have, they have to really tighten two things. One is they need to make a decision. How do they want to make money? Um, because I think this is the third time these issues have come up. It's probably not going to be the last then because there's going to be more market volatility, not less. And so you just got to decide how you want to make money because there is no amount of money that's possible. If you're going to build a successful

• neutral assessment Vlad Tenev

  Yeah, that's a good question. I mean, this is all highly regulated and, uh, it's, it's become the industry standard business model, right? Um, so I'm not sure we're, we're excited to have a conversation about it. Um, I do think exchanges are here to stay. Market making is here to stay. Market making is a profitable enterprise. And so some level of revenue share between the market maker and, uh, and the broker makes sense. And, uh, it is regulated. Um, so I'm not quite sure what, if any changes n

• neutral fact_claim Vlad Tenev

  It's the core of the business, right? Yeah. This wasn't, you know, a value judgment or some kind of, uh, moral stance and we weren't pressured into it by anything other than our regulatory deposit requirements.

• bullish prediction Vlad Tenev

  Look, what I can say is, uh, we're going to do our best to, uh, make sure that we get better and, uh, serve our customers, uh, whenever, whenever they want to buy stocks and we'll do that. And we're going to get better and better every day.

• neutral fact_claim Vlad Tenev

  Well, first of all, I'd be very, very empathetic. Um, I'd probably want to understand how someone could lose money, um, when they couldn't buy a stock at the all time high. So I think the details around that, I mean, if you look back, uh, and obviously this had nothing to do with the decision, right. But Thursday was the all time high.

• bearish criticism David Sacks

  No, because he'd be throwing his own company under the bus. He'd have to say, Robinhood securities is telling Robinhood, the broker to post this money because Robinhood securities is being told by their downstream clearing. So it's like, you're, you're, you're saying it now. So better to say it, uh, at the time it all happened and it would have diffused the whole crisis, right?

• bullish prediction Vlad Tenev

  I think that this could lead to some, um, really positive change industry-wide.

• bearish criticism Vlad Tenev

  We probably could have handled it a little bit better. We probably could have offered more detail into that, uh, with the foresight that maybe customers would think that a hedge fund, uh, forced us to do it or something like that. Um, so certainly, um, certainly there's areas we can improve upon across the board.

• mixed assessment Vlad Tenev

  I think I'm proud of, of, of how the firm navigated this. I think, uh, obviously there's ways to improve upon it. Um, I think that, you know, anytime you get a phone call in the middle of the night saying you have to put up $3 billion, um, all sorts of things run through your head, right?

• neutral fact_claim Vlad Tenev

  We actually did do that. So we, we have been pausing new account approvals off and on, uh, depending on, on the load and, um, you know, customers have been experiencing in some cases, short delays, uh, with account approvals, obviously not an ideal solution from our standpoint, but you know, if, if we have to do that, we will do it and we have done it.

• bullish assessment Vlad Tenev

  I, I feel like I've evolved as the chief executive and as a leader, I, I didn't used to be on social media telling our story very much, but, um, I'm out there trying to encourage more transparency.

• bullish assessment Vlad Tenev

  I think, um, the great thing about, you know, these sorts of crises is, um, sort of months and, and years worth of work get compressed and people are just like super aligned on the key priorities we need to do to, to move the business forward. And we saw that.

• bullish assessment Vlad Tenev

  moved to, uh, a much more sophisticated system where intraday we adjust the position limits on, uh, it was up to 50 stocks and we published that on our website. So that, that gave us a lot more granular control over it and is a better system. And we're going to only improve that and kind of take the learnings to other parts of the business.

• mixed assessment Vlad Tenev

  I do think that there should be more transparency and I'm glad you, you brought up payment for order flow because it's something that I'm trying to take on. You guys might've noticed. I, I published a post on payment for order flow. I started a tweet storm that, um, is meant to just start the conversation around it. I want to understand kind of the misconceptions and the theories and, and knock them out one by one. And I think that'll lead to some positive discourse around it. And there certainl

• bullish assessment Vlad Tenev

  I think the 3.4 billion in extra capital certainly helps. Um, I think I'm, I'm very proud of the transition that we made between Thursday and Friday.

• neutral fact_claim Vlad Tenev

  this was a formulaic decision, um, made by Robinhood securities due to ... Citadel didn't call and ask. Sequoia didn't call and ask. Did the SEC call you and say this has to stop? No. But the clearing house did, right? Yeah. Well, they called and they said, here are the deposit requirements. And we worked with them to lower the risk so that

• bullish assessment Vlad Tenev

  Most of our customers don't use leverage. Most of our customers aren't active traders or trading options. And if you look at some of the features that we've rolled out, the, the theme of this year has been, how do you turn a first time investor into a long-term investor? So fractional shares, recurring investments, drip, um, these tools allow someone to create a diversified portfolio of individual stocks and recurringly buy into them over time. ... I think a very small percentage of accounts, uh

• neutral fact_claim Vlad Tenev

  for example, GME and some of these other meme stocks, we raised the requirement on those to a hundred percent. So those have to be fully paid for. Um, other stocks have an initial requirement, uh, as low as 25%. If it's one that, you know, is deemed by the operational staff and our processes is not being super volatile and it can, it can go in between. So 25% initial requirement all the way up to a hundred percent.

• neutral fact_claim Vlad Tenev

  you have to be a Robinhood gold customer, which means you have to sign up and pay $5 a month. Most brokers don't gate margin behind a premium offering. So we're already a little bit more restrictive on that front. You have to have $2,000 in your account before you can borrow. And in December, we did lower our margin rates to 2.5%, which is very, a very competitive low rate. But let me tell you a use case for margin that I actually think is quite powerful. So, uh, obviously one use case is kind o

• bullish endorsement Vlad Tenev

  the goal is to build the finest legal and compliance team that the financial industry has seen.

• neutral fact_claim Vlad Tenev

  the fine wasn't for gamifying Robinhood. It was for, um, payment for order flow and business model related, uh, related things.

• neutral fact_claim Vlad Tenev

  margin wasn't involved in this particular situation. In fact, there was an escalation path. Uh, not a lot of people noticed until Thursday, but pretty much all the brokers, including Robinhood were, uh, ratcheting up the margin requirements for, for all of these securities, um, until they got to a hundred percent.

• bullish assessment Vlad Tenev

  I really think if you, if you understand the underbelly of what T plus two settlement is, you immediately ask yourself, why aren't we settling trades in real time? And I wrote a post on that. I had a tweet storm.

• neutral fact_claim Vlad Tenev

  our clearing firm is Robin hood securities. Um, but I think understanding the space a little bit better since Robin hood securities is, you know, a subsidiary of, of my company. Um, I realized these clearing firms had to do what, what they did.

• neutral fact_claim Vlad Tenev

  We met all of our deposit requirements. The new capital that we raised, the 3.4 billion wasn't to meet our, 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 eventually have, uh, more cushion so that if we keep seeing the type of growth that we kept seeing, uh, we didn't have to impose position limits again.

• bearish criticism David Friedberg

  you guys, for economic reasons, decided to take that responsibility on yourselves. But when you do that, you take on the full fledged liability of the value of every single trade on behalf of your customers.

• neutral fact_claim Vlad Tenev

  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.

• neutral fact_claim Vlad Tenev

  Robinhood's mission is to democratize finance for all. It's somewhat new. We've been around for a little bit over five years and we have, uh, a mobile app and a website that allows customers to, uh, invest in stocks, options, cryptocurrencies. We offer a debit card and a high yield savings product as well. Um, commission free and with no account minimums.

• bullish assessment David Sacks

  What you're almost saying is that this is a benefit to Robin Hood to pay the largest fine because it, it says to the, you know, to the politicians, look, we've already been punished in this, you know, maximal way. You don't need to layer it on top. So in a way it's better for Robin Hood that they paid 70 million instead of 10 million.

• bullish assessment Unattributed

  I think one thing to take note of from this fine is that it really signals that FINRA and the markets in general, the market participants in general, may be rather concerned and rather worried about government intervention in some of these new markets and emerging fintech practices because they wanted to say, look, we put the gauntlet down on Robin Hood. We made them pay the biggest fine ever. We made them pay $70 million. Stay away. We're taking care of it because the concern everyone's had is

• bullish fact_claim Jason Calacanis

  Uh, it would be 500 X.

• mixed assessment David Sacks

  Yeah. So it should be a black eye for the company, but the reality is that they're happy to pay the fine and just, uh, move on. So they don't have this issue hanging over their heads anymore. And now they're going to be able to IPO at like a 50, 60, $70 billion valuation. And so for them, it's a sort of cost of doing business.

• neutral fact_claim Jason Calacanis

  And, uh, monthly active users have more than doubled 8.6 million accounts to 17.7 million. Uh, just for, in the last year, revenue was up 300%. Any thoughts on Robin Hood's S1? Obviously I'm an interested party.

• neutral fact_claim Jason Calacanis

  Robin Hood, um, has filed their S1. And paid a fin refine $70 million for outages and misleading cup customers. Multiple days of outages back in March, 2020. We talked about here. Uh, and poor communications around options trading risks. Robin Hood's s one highlighted some extraordinary, uh, growth during that period. As we discussed on the pod. 18 million funded accounts. And they're on a $2 billion run rate, $522 million in revenue in the first quarter up 4x.

• neutral fact_claim Unattributed

  most of our users actually are Robinhood users we're complementary to Robinhood

• bullish endorsement Unattributed

  maybe Robinhood users would love your monthly subscription to add to it

• bullish endorsement Unattributed

  maybe you should be going after Robinhood users

• bullish assessment Unattributed

  that's likely what Robinhood is doing again I don't talk to them all that much but I think the reason they're doing so well is because they're adding those things that's not weakness

• neutral fact_claim Unattributed

  they got to 6 million on trading for free now they're adding a bank and they have a pro service yeah

• neutral fact_claim Unattributed

  they are actually saying we have the space that we're trying to monetize to other services that is not the original you know that's not the core of the trading

• neutral fact_claim Jason Calacanis

  when i was a angel we owned under one percent of robin hood and uber

• bullish endorsement David Friedberg

  people were like, you're going to lose your money on that one. They said that about Uber too. It's really interesting. The ideas that, and they said that about Calm, like the meditation app. Some of the greatest successes are also the weirdest non-consensus, right? So if you find yourself with 80% or 90% of people thinking your idea is dumb, it might be dumb. That's a possibility. I'm not saying that it's brilliant, but it could also be because it's so brilliant that people just are not thinking

• bullish assessment Vlad Tenev

  We really cared about it. I think that, you know, inherently design with mobile apps, when you're kind of thinking through, particularly if it's like a new category, you have to think through how you can differentiate. The great thing about mobile, at least at the time was you had, you had little screen real estate. And so you had to make it simple. And I think so much of great design is figuring out, you know, the one thing you have to do, you know, one, one function, one screen, how do we make

• bullish assessment Vlad Tenev

  our CTO basically has the mandate of making us first the best AI company in financial services. And then I joke with them, then we go expand beyond financial services. And I want to be the best AI company.

• bullish fact_claim Vlad Tenev

  north of 75% of our customer support interactions were handled by AI, which I think is, I'm not aware of anyone higher in any industry.

• neutral fact_claim Vlad Tenev

  we don't have an official API. We have some explorations in the past where we've opened up APIs to third parties. We have a crypto API actually, but, and then Robinhood chain is coming for our on-chain crypto activities where we launched a test net.

• bullish assessment Vlad Tenev

  I think the advantage that makes it difficult to just build a Robinhood is that there's all this like regulatory infrastructure. You have to create a brokerage. You have to connect to all these legacy systems. There's like dozens of assets to support and account types, right? There's IRAs, Roths, HSAs. And so it's, it's not, it's like less vibe codable than, than most things. And people also have a pretty high standard for when they want to plug, you know, their, their agent into their money. Li

• bullish assessment Vlad Tenev

  I think in finance, it'll lower the bar to being a quant trader. Now, I don't think everyone's going to want to be a quant trader. But I think the people, the relatively small group of people that want to do this are going to generate a lot of volume. So, you know, we have to contend with that and make sure that Robinhood is the best place for the quant trading, whether you're using our first party tools or whether you're using Claude Code or Codex or any of these other things.

• neutral fact_claim Vlad Tenev

  So if you open up Robinhood right now, if you guys happen to use the app on every stock, AI will be telling you what's going on with the stock. So it's particularly useful if something's moving up and down and you want to understand why. We also have what we call Robinhood Cortex Assistant, where, and this started rolling out externally last week, you could actually like chat with it. So it's like a chat assistant within the app.

• bullish assessment Vlad Tenev

  Yeah, I mean, absolutely. We've been fortunate to sort of like rise and really make a niche for ourselves with the last technology revolution, which was mobile, right? And now there's basically two big technology shifts that are probably going to completely transform financial services, crypto and AI, and we're working hard to be a leader in both.

• mixed assessment Vlad Tenev

  I think for us, our press and our relations with the media were kind of overwhelmingly positive for at least the first three years. And then 2019 came around and, you know, we were at 7 billion valuation and then the press started turning negative. And we kind of, I think started panicking a little bit like, oh, is this the end of the company? Now the press is negative. Every time someone wrote something about us, we felt like we had to war room it and how to have a response. And, you know, uh,

• neutral fact_claim Vlad Tenev

  Yeah. But yeah, still referrals through Robinhood are one of the leading ways customers get it.

• neutral fact_claim Vlad Tenev

  I think what you're referring to is the Robinhood wait list, which basically had this referral mechanic where if you invite friends and they successfully joined the wait list, you move further ahead in line. So it was like prioritize based on number of people you invite. And I think that we look at the wait list, I think something like 20 to 30% of our growth came from referrals, maybe a little bit more.

• neutral fact_claim Vlad Tenev

  I think one thing we did really early was we actually talked to customers. We tried to create like this user research motion where our office was right next to Stanford University. So we would have Stanford students coming to our office and trying our prototypes at the point where they were not even working at all. So, you know, it's like we were a little bit embarrassed to have these students coming in and using our stuff because it was just completely broken. And we'd have to tell them, well,

• neutral fact_claim Vlad Tenev

  Well, right around the time you interviewed me at launch, this was I think December of 2014, was our first time when we rolled out Robinhood on the App Store. But it was gated, right? There was a wait list, so not everyone could use it when they downloaded the app. But we did a big launch anyway. And then a couple of months later, we removed the wait list. And I think one of our team the idea that we should just launch again. And we kind of looked at ourselves, we're like, but we just did this t

• bullish fact_claim Vlad Tenev

  So that was like our second product launch and it was incredibly successful. I think our volume basically tripled in a span of a few weeks.

• bullish fact_claim Vlad Tenev

  we just got rid of, of one of them. And by the way, the charge to the customer was 10 X bigger. Like if you, if you look at the commission brokers before they failed or got folded into bigger players, TD Ameritrade, for instance, they made on average $11 for every time a customer placed a trade, $10 of that was the commission they charged to the customer. $1 roughly was the payment for order flow rebate. So what we did was we just collapsed that and effectively took 90% of the margin off of, uh,

• bullish assessment Vlad Tenev

  I think it does turn out that if you get customers to fund their Robinhood accounts, put actual money, um, into your platform, and then you give them all sorts of things to do with it. Um, you can make a really, really big business, even cutting out the trading commissions.

• neutral fact_claim Vlad Tenev

  the assumption is that financial, financial companies, you know, exist to make money. We exist to make our customers happy.

• bullish fact_claim Vlad Tenev

  Like now we have 11 lines of business generating a hundred million

• bullish endorsement Jason Calacanis

  what if it works? You'll have a whole generation, uh, will grow up on this amazing app.

• bullish assessment David Sacks

  is through the roof because the crypto policies of the trump administration yeah it's fair fair

1. 2028-02-16 Insidecom, Grin, Fitbod, and Robin Hood and you know, this cohort of companies I've been lucky enough to invest in, they're going to be the majority. · Prediction · pending
2. 2028-02-15 I kept the Robin Hood position, which is now as a private market, I think I'm up a half million dollars in that bet. I'm not going to clear it because I think Robin Hood is not fully valued yet. I think it'll be a $200 share. · Prediction · pending
3. 2028-02-15 I think Robin hood's about to be put in the S and P 500. · Prediction · pending
4. 2028-02-12 i think that's a great opportunity for robin hood to add users · Prediction · pending
5. 2028-02-11 I am holding my position. I was, uh, an investor before they went public. I had, man, I wish I could have distributed to my LPs at 30 dollars a share. Um, but I do think the world of the, of the founders and their ability to make great product. I know there were like some issues with like this massive denial of service attack where everybody wanted to short the same stock. Like, this is what happens with successful companies. They become sometimes too successful, but I'm holding. I do think it's · Prediction · pending
6. 2028-02-05 Are they going to keep it in Goldman? No, they're going to put it into the Wealthfront. They're going to put it into their Robinhood. They're going to put it into their Coinbase account. That's why I think these companies are doing so well is because there's just a generational shift. · Prediction · pending
7. 2028-01-26 I think that what's going to happen is they're going to get sued into oblivion. · Prediction · confirmed

VentureSignalScore 0/100 for robinhood, composed from 1 of 4 components (emerging formula), discounted ×0.79 for 30% signal coverage