Latest / Earn Your Leisure / Vlad Tenev on Robinhood’s Next Move: $1,000 for Every Baby, Future of Money, AI Prediction & Crypto

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Vlad Tenev on Robinhood’s Next Move: $1,000 for Every Baby, Future of Money, AI Prediction & Crypto · Earn Your Leisure

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Speaker 3: All Right, guys, welcome back special episode. We are on
1:31
Speaker 3: site at Robin Hood's New York office. Absolutely, Norah, glad.
1:35
Speaker 3: Thanks for the hospitality and the whole team.
1:37
Speaker 5: We greatly appreciate us. Yeah, yeah, always.
1:40
Speaker 1: You have become a regular audience and we're very appreciative
1:43
Speaker 1: of always getting the invite to sit down.
1:45
Speaker 6: Well, you guys have seen our trajectory from I think
1:48
Speaker 6: the first time I was on your show, we were
1:52
Speaker 6: sort of in a relatively low point in our journey.
1:56
Speaker 6: Than each time I think it's it's better and better.
1:59
Speaker 4: So yeah, I'm thankful to you guys.
2:01
Speaker 1: I'm glad you noticed the theme every time you come
2:03
Speaker 1: on is we just keep moving up.
2:05
Speaker 2: Keep going up? Yeah, keep going up.
2:07
Speaker 3: So flat Tenef, thank you for joining the CEO of
2:10
Speaker 3: Robin Hood and we have a lot to talk about,
2:12
Speaker 3: but congratulations and events for everything that you guys have
2:15
Speaker 3: been doing over the last year has been astonishing.
2:17
Speaker 6: There's much much more to do. I'm always looking forward.
2:20
Speaker 5: Yeah.
2:21
Speaker 6: We are in no way, shape or form done with
2:25
Speaker 6: our mission, so plenty more to do.
2:27
Speaker 1: I think when we look at twenty twenty five and
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Speaker 1: it's totality, obviously the stock has tripled, You've been added
2:33
Speaker 1: to the S and P. What is one of the
2:34
Speaker 1: most proudant moments this year? So that has happened.
2:39
Speaker 5: I think that.
2:41
Speaker 6: My proudest moment was it was right before Hood Summit,
2:46
Speaker 6: which was our Active Trader event. Everyone was sort of
2:50
Speaker 6: like we'd been working hard all year, right, and it's
2:54
Speaker 6: not just the things you mentioned, but we've done so
2:56
Speaker 6: many product events. We started with our Gold event, the
2:59
Speaker 6: Lost City of Gold, where we launched a new digital
3:03
Speaker 6: advisory service and Robinhood Banking, and also Cortex, which is
3:08
Speaker 6: our AI model, so that the year started off with
3:10
Speaker 6: a bang. Prediction markets became a big thing. We've been
3:13
Speaker 6: spending a lot of time working on that. We have
3:17
Speaker 6: our Active Trader event, we launched tokenization in Europe, which
3:21
Speaker 6: in the French Riviera, where I wore a very nice
3:25
Speaker 6: white pinstripe suit, and then we went to our Active
3:28
Speaker 6: Trader event in a few weeks before. We were in
3:30
Speaker 6: a meeting with the senior team and I said, you
3:33
Speaker 6: know what, guys, we've been making such good progress in AI.
3:38
Speaker 6: We haven't really shared it with the world. We've also
3:40
Speaker 6: been making a ton of progress with Prediction Markets that
3:43
Speaker 6: we've never really talked publicly in event for him about
3:47
Speaker 6: I know everyone's working hard about Hood Summit, but why
3:49
Speaker 6: don't we do another event too in the middle of December,
3:54
Speaker 6: and that became Robinhood Yes No, which is happening on
4:00
Speaker 6: December sixteenth, Prediction Markets and AI And basically I survived
4:07
Speaker 6: that meeting and everyone was actually excited about about launching
4:10
Speaker 6: new products right at the end of the year. So
4:13
Speaker 6: I think the culture of the company is at a
4:16
Speaker 6: point where we move fast, we do it safely, and
4:21
Speaker 6: we've just been like shipping great product at a velocity
4:25
Speaker 6: that makes me proud. So I think I think that's
4:28
Speaker 6: the biggest thing from the year that that I'm proud
4:30
Speaker 6: of and thankful for.
4:32
Speaker 3: So yeah, so Choice said, the stock is up two
4:33
Speaker 3: hundred and sixty three percent over the last fifty two weeks.
4:38
Speaker 3: So what did what did? What did Wall Street get
4:40
Speaker 3: wrong about rob Hunt? Cause, like you said, when we
4:42
Speaker 3: first met, it was a it was a it was
4:44
Speaker 3: kind of a rough patch that you guys were going through,
4:47
Speaker 3: and a lot of people kind of counted you guys out,
4:49
Speaker 3: especially from a Stock standpoint, but just stock has rallied
4:52
Speaker 3: and has been, you know, a huge success for the shareholders.
4:56
Speaker 3: So what do you think you guys did right? And
5:00
Speaker 3: and the people that bet against you, what did they
5:04
Speaker 3: have wrong?
5:05
Speaker 6: The number one thing is probably product velocity, being able
5:09
Speaker 6: to ship so many products at high quality quickly, at scale,
5:13
Speaker 6: and when you couple that with a large, already engaged
5:18
Speaker 6: customer base, we can distribute the product very effectively to
5:23
Speaker 6: customers and that's led to increase in revenues. So we've
5:29
Speaker 6: been able to increase revenues and actually the growth rate
5:34
Speaker 6: of revenues has been quite high year over year while
5:38
Speaker 6: simultaneously improving margins. I think that's a rare combination. There's
5:44
Speaker 6: this financial metric called rule of forty that maybe you
5:46
Speaker 6: guys are familiar with. Sometimes people compare companies on this metric,
5:51
Speaker 6: and basically you add your revenue growth rate to your margins,
5:58
Speaker 6: and if the number is greater than forty, that's sort
6:00
Speaker 6: of like a good target. So revenue growth rate plus margins.
6:05
Speaker 6: And the argument there is you can be growing fast
6:10
Speaker 6: and have low margins and that's okay. That's like a
6:13
Speaker 6: considered a good investment, or you could be growing more slowly,
6:17
Speaker 6: but if your margins are good, then that compensates for it.
6:21
Speaker 6: And I think our last rule of forty print was
6:24
Speaker 6: over one hundred. So if you plot all the companies
6:27
Speaker 6: in SEP. Five hundred across, this metric robin is just
6:31
Speaker 6: a huge outlier. And it's because we've been able to
6:33
Speaker 6: grow very quickly while also improving margins at the same time,
6:38
Speaker 6: and I think that's a rare combination for public company.
6:43
Speaker 1: When we first met, it was just before the idea
6:47
Speaker 1: of the meme stock, which obviously your platform got a
6:51
Speaker 1: lot of flat four and it was, Oh, the retail
6:54
Speaker 1: traders don't know what they're doing. And then we saw
6:58
Speaker 1: you speak and we met again, and was the idea
7:00
Speaker 1: of like, the retail trader is the sophisticated trader. Yeah,
7:03
Speaker 1: talk about the role and how that's transpired over the
7:06
Speaker 1: past two or three years to now that everybody's in
7:09
Speaker 1: on it, Like way the retail is where we can
7:12
Speaker 1: get a lot of our customer based from because they
7:15
Speaker 1: have the tools.
7:16
Speaker 6: I think companies are waking up to this. You know,
7:21
Speaker 6: we were relatively early to embrace the retail trader because
7:25
Speaker 6: the retail trader is our customer. So of course we
7:29
Speaker 6: have a natural incentive as a company to have our
7:34
Speaker 6: customers be shareholders, right because not only are they are shareholders,
7:39
Speaker 6: but they're people that use the product every day. You know,
7:41
Speaker 6: our product is a stock market investing product at its core,
7:46
Speaker 6: and one of the things that I'm very proud of
7:48
Speaker 6: is the work that we've done on IPO access. I
7:52
Speaker 6: mentioned you guys a little earlier. It is my second
7:54
Speaker 6: trip to New York this week. First time I was
7:57
Speaker 6: at the New York Stock Exchange on Tuesday at a
8:01
Speaker 6: round table called make IPOs Great Again.
8:04
Speaker 5: It's funny name.
8:05
Speaker 6: They had the red hats too, which, by the way,
8:09
Speaker 6: the idea that the administration and the regulators are coming
8:15
Speaker 6: to Robinhood as a representative of the retail investor to
8:19
Speaker 6: collect feedback for how to make capital markets and IPOs
8:23
Speaker 6: better was something that probably I wouldn't have imagined the
8:26
Speaker 6: first time we met in twenty twenty two. So pretty
8:28
Speaker 6: crazy how quickly things can change. But when we went
8:32
Speaker 6: public in twenty one, we rolled out this product called
8:35
Speaker 6: IPO Access, and the idea was not just have IPOs
8:39
Speaker 6: be for the chosen few, the elites, the high net worth,
8:43
Speaker 6: the private wealth folks, and obviously the institutions. But how
8:47
Speaker 6: do we plug robinhood investors directly into IPOs and get
8:51
Speaker 6: them allocations at the same price on a level playing
8:56
Speaker 6: field with the institutions. And so our IPO at the
8:59
Speaker 6: time was I think the largest IPO retail allocation for
9:03
Speaker 6: an IPO of its size, and we tried to get
9:07
Speaker 6: other companies on board. We got some, but they were
9:10
Speaker 6: very skeptical and reluctant. You know, some people actually, to
9:14
Speaker 6: be fair, really bought into it, but most companies we
9:17
Speaker 6: had to ask for favors, and you know, they would
9:19
Speaker 6: throw us a few scraps, like we'll give you half
9:21
Speaker 6: a percent of the IPO allocation. So we really asked
9:26
Speaker 6: for favors and people didn't really get it.
9:29
Speaker 5: They're like, what's the point.
9:30
Speaker 6: I'm just trying to take my company public, go through
9:32
Speaker 6: the process, get it over with so I can get
9:34
Speaker 6: back to running my business. They didn't really see the point.
9:38
Speaker 6: And fast forward to twenty twenty five this year, when
9:40
Speaker 6: the IPOs have come back, every company of consequence has
9:45
Speaker 6: basically come to us and asked, let's talk about our
9:47
Speaker 6: retail strategy. How do we get retail more engaged. And
9:52
Speaker 6: you started to see the CEOs of those companies when
9:55
Speaker 6: they're doing their press about the IPO, talking about how
9:59
Speaker 6: retail's big concent tituency and saying, you know, in the
10:02
Speaker 6: case of Bullish CEO, we give retail twenty percent allocation.
10:06
Speaker 6: It's one of the largest retail allocations ever. Gemini CEO,
10:10
Speaker 6: the Winklevost Winds gave a huge retail allocation and you know,
10:15
Speaker 6: now it's it's completely shifted where retail is definitely being
10:18
Speaker 6: a first class citizen. So what we're trying to do
10:21
Speaker 6: is push that forward, go deeper into IPOs and continue
10:25
Speaker 6: the leadership we have there. Post IPO. We want to
10:30
Speaker 6: make the brand of being a public company a little
10:32
Speaker 6: bit better. I don't know if you guys have I'm
10:36
Speaker 6: sure you talk to a lot of entrepreneurs, some of
10:39
Speaker 6: whom are public. Generally, the perception and the way they
10:43
Speaker 6: talk about being public is negative. We have to be public,
10:46
Speaker 6: but I hate earnings calls.
10:47
Speaker 5: I hate this.
10:48
Speaker 6: I hate that it's a chore. And what I'm trying
10:51
Speaker 6: to do is shift it into being a positive thing.
10:53
Speaker 6: So rather than thinking of your earnings calls as a chore,
10:57
Speaker 6: how can they become fun? Can you as the executive
11:00
Speaker 6: have fun during earnings and also can the audience actually
11:04
Speaker 6: enjoy watching it. So we've been investing a lot in
11:07
Speaker 6: actually making our earnings calls not just informative, but entertaining.
11:12
Speaker 6: So for the last one, we did it at the
11:13
Speaker 6: Chase Center, home of the World to State Warriors, and
11:20
Speaker 6: we not only had the cell side analysts, who's the
11:23
Speaker 6: typical earnings audience, but we had buyside investors. We also
11:27
Speaker 6: had the media, so the media was at our earnings
11:30
Speaker 6: calls and everyone could ask questions on a level playing field.
11:33
Speaker 5: We had retail investors via.
11:35
Speaker 6: Zoom asking questions, and then of course the whole thing
11:38
Speaker 6: was televised, so it was on live stream on social media.
11:43
Speaker 6: And you know, go back a year ago, our earnings
11:46
Speaker 6: calls were on a polycom audio only. We had maybe
11:50
Speaker 6: like hundreds of people listening, and now it's gone to
11:53
Speaker 6: tens of thousands, so orders of magnitude increase in the
11:57
Speaker 6: audience for earnings. And now we're starting to actually export
12:01
Speaker 6: this as a product to other public companies. So Open Door,
12:04
Speaker 6: for example, they saw what we were doing, they said,
12:07
Speaker 6: we want to engage retail. We want retail to be
12:10
Speaker 6: our number one constituency, so we work with them to
12:13
Speaker 6: live stream their earnings to our audience in the Robinhood
12:16
Speaker 6: app and we've heard from many people that they'd like
12:21
Speaker 6: to start doing this. So I think you'll see earnings
12:23
Speaker 6: calls becoming fun and I think the brand of being
12:27
Speaker 6: a public company start to shift into a more positive thing.
12:31
Speaker 6: And also on the other side of the spectrum before
12:34
Speaker 6: a company is going public, when they're still private, we're
12:37
Speaker 6: hard at work trying to get retail exposure on the
12:40
Speaker 6: private side and making that a little bit easier. We
12:42
Speaker 6: have a great initiative called Robinhood Ventures, which is going
12:46
Speaker 6: to be in the US, and we're launching a closed
12:49
Speaker 6: then fund that's on file with the SEC right now,
12:52
Speaker 6: so we're actually in the quiet period. I can't talk
12:54
Speaker 6: much about it, but the ideas make it so that
12:59
Speaker 6: retail investors can invest in the best private companies before
13:02
Speaker 6: they go public. So we're kind of tackling it across
13:06
Speaker 6: every part of the spectrum.
13:08
Speaker 3: Yeah, talk about just from a retail standpoint, how that's changed,
13:12
Speaker 3: and you guys played a major part in that. Retail
13:15
Speaker 3: investors used to be called dumb money. Yeah, not really
13:18
Speaker 3: taken seriously because they were not educated. But now they
13:21
Speaker 3: have a higher level of education platforms like ourselves and
13:24
Speaker 3: your platform, and they're more respected. But there's also more
13:29
Speaker 3: risks because they're taking more risks now too, right Like
13:32
Speaker 3: they're they're doing things that a lot of people didn't
13:35
Speaker 3: even think about doing before, as far as options and
13:37
Speaker 3: futures and you know, leveraging different things in that nature.
13:41
Speaker 3: So what is your thoughts on the state of a
13:46
Speaker 3: retail investor in twenty twenty five and what are some
13:48
Speaker 3: opportunities and what is some dangers that they need to
13:51
Speaker 3: be aware of.
13:52
Speaker 6: I think that retail investors. I think retail investors being
14:01
Speaker 6: a bigger chunk of the markets is a very good
14:05
Speaker 6: thing for companies because you notice a lot of times
14:09
Speaker 6: there's some macro event like we saw it this year
14:12
Speaker 6: with the tariffs. We saw a couple of weeks ago
14:17
Speaker 6: with the sort of like FED decision in December, is
14:22
Speaker 6: the Fed going to cut maybe they'll refrain from cutting,
14:27
Speaker 6: And that affects the markets. And it's because institutional investors
14:32
Speaker 6: tend to like make broad portfolio moves without really looking
14:37
Speaker 6: deeply at each individual company. It's sort of like I'm
14:40
Speaker 6: risk off. I'm going to reallocate for my stocks to
14:43
Speaker 6: fixed income or move to cash. Retail investors tend to
14:48
Speaker 6: invest directly in companies, and they make their buy and
14:50
Speaker 6: sell decisions based on the company doing well. So, for example,
14:54
Speaker 6: when the tariffs hit, you know, so you saw a
14:57
Speaker 6: lot of growth companies that probably weren't directly affected by
15:04
Speaker 6: tariffs hit rather hard by that, right, and retail investors
15:09
Speaker 6: looking at this and saying, why this company just go
15:12
Speaker 6: down forty percent doesn't make any sense. Tariffs have nothing
15:15
Speaker 6: to do with it. It's just because hedge funds are
15:18
Speaker 6: selling everything, right, So then they bought it and they
15:20
Speaker 6: became net buyers, and then they became rewarded for it.
15:23
Speaker 6: So I think the more retail investors come to the market,
15:28
Speaker 6: the less this like indexing thing is going to lead
15:32
Speaker 6: to price dislocations. I think the more signal you'll get
15:35
Speaker 6: of people buying companies because they actually want to invest
15:38
Speaker 6: in that specific company. And I think also retail investors
15:42
Speaker 6: are smart, and what's really attractive about companies is they're
15:47
Speaker 6: not only smart and doing like careful analysis and posting
15:51
Speaker 6: it on social media, but when they become investors, they
15:55
Speaker 6: become kind of defenders and fans of the company. I
15:58
Speaker 6: think one problem you're seeing with the AI companies right
16:02
Speaker 6: now is AI technology is very popular. People are adopting it,
16:06
Speaker 6: but the AI companies themselves are very unpopular. They don't
16:10
Speaker 6: have that many fans. If you see criticism about you know,
16:13
Speaker 6: say Open Ai or Anthropic, the people rushing to defend
16:17
Speaker 6: them are either venture capitalists online or you know AI
16:22
Speaker 6: researchers that work at these companies. But you compare that
16:27
Speaker 6: to crypto. You know, if the crypto industry is under
16:31
Speaker 6: threat from you know, regulatory overreach, or even if just
16:36
Speaker 6: someone says something negative about bitcoin, you just have an
16:39
Speaker 6: army of retail people that just take the knives out.
16:44
Speaker 6: And you know, people are nervous to say anything negative
16:47
Speaker 6: about bitcoin now. And I think it's because the one
16:49
Speaker 6: thing crypto got very very right from a very early point,
16:54
Speaker 6: I mean from basically the genesis of it is making
16:56
Speaker 6: it so that normal people can have crypto. And then
16:59
Speaker 6: you see everyone's invested in crypto. You know, you've got
17:02
Speaker 6: tens of millions of people in this country, so they're
17:04
Speaker 6: going to defend it because they own it. And I
17:07
Speaker 6: think AI doesn't have that property. The big private companies
17:12
Speaker 6: are held by wealthy insiders, so they don't have as
17:15
Speaker 6: many defenders, and I think that could become a big
17:18
Speaker 6: problem for them, because you know, if it starts taking
17:21
Speaker 6: more jobs or at least disrupting the labor force at
17:23
Speaker 6: an accelerated rate, I think people are going to get
17:26
Speaker 6: angrier and angrier. I think what's going to happen is
17:29
Speaker 6: if regulations come, they're not going to have people fighting.
17:32
Speaker 6: The everyday person might not be on the side of
17:35
Speaker 6: the big AI companies. I think that's a threat to
17:37
Speaker 6: the technology.
17:39
Speaker 1: Yeah, there's some talk from a lot of leaders in
17:42
Speaker 1: AI about the regulatory environment and how if it gets
17:45
Speaker 1: too stringent, it will be full behind. Obviously, I'm sure
17:48
Speaker 1: you're part of some of these conversations from a broker standpoint,
17:51
Speaker 1: but also from the cryptal standpoint. How do you see
17:54
Speaker 1: it in terms of this race in AI.
17:58
Speaker 6: Yeah, it's interesting to me to compare how much regulation
18:05
Speaker 6: is in financial services, you know, quite a bit highly regulated,
18:09
Speaker 6: compared to what we've seen with AI, which is actually
18:11
Speaker 6: very little, like it's mostly been allowed to go in
18:15
Speaker 6: and disrupt and and you know, it's hard to say
18:21
Speaker 6: that that's been wrong because thus far, I think that
18:26
Speaker 6: the effects have been largely positive from my standpoint. I mean,
18:30
Speaker 6: you're seeing increases in productivity largely. It hasn't displaced too
18:37
Speaker 6: much labor participation. But you know, the models are getting
18:42
Speaker 6: better and better, and I think we've gone from just
18:46
Speaker 6: summarizing information that's already out there to creating new knowledge.
18:50
Speaker 6: And you know, the knowledge is maybe small bits and
18:52
Speaker 6: chunks here and there, but you can imagine as they
18:55
Speaker 6: get better, you know, the knowledge being created and the
18:59
Speaker 6: discoveries being made, and maybe new inventions will come that
19:02
Speaker 6: are more and more complicated. So then it starts to
19:04
Speaker 6: get scary and you start thinking about, you know, how
19:08
Speaker 6: big is the disruption? How do we mitigate the negative effects?
19:11
Speaker 6: And I think the best way is to make sure
19:13
Speaker 6: people are invested in it. Yeah, so that you know,
19:15
Speaker 6: at least you own the thing that's disrupting. You're you're
19:18
Speaker 6: always you're always going to be in better shape if
19:20
Speaker 6: you have some a stake in the agent of disruption.
19:24
Speaker 2: Yeah.
19:25
Speaker 1: I just a follow up because I asked that because
19:27
Speaker 1: I watched your clip where you talked about your belief
19:30
Speaker 1: in artificial intelligence on the record, saying that it's going
19:33
Speaker 1: to create a new world order, diminishing people's chances to
19:35
Speaker 1: earn income from labor, and fueling participation in markets and
19:39
Speaker 1: trading on brokerage apps. And when you said it, I
19:41
Speaker 1: was like, this is what we've been saying all along.
19:44
Speaker 1: You have to invest. It's the only way probably going
19:46
Speaker 1: to do it. Speaking to that audience now of who's
19:50
Speaker 1: going to be interrupted and disrupted, knowing that your brokerage
19:54
Speaker 1: has a youth movement, it just feels like those things aligned.
19:58
Speaker 1: How are you viewing it in the terms the future,
20:00
Speaker 1: in terms of the disruption and investing.
20:02
Speaker 6: Yeah, I mean I think that when I talk to people,
20:06
Speaker 6: it sort of like breaks down by age a little bit.
20:09
Speaker 6: So for older folks such as myself, I don't think
20:15
Speaker 6: they're worried that much. They're like, oh, well, you know,
20:17
Speaker 6: we're going to retire soon, and not exactly for me,
20:21
Speaker 6: I'm not going to retire soon.
20:22
Speaker 5: But you know, if you're in a certain.
20:23
Speaker 6: Age, you're already mid career or a late career, you
20:25
Speaker 6: probably don't care as much. Young people in their twenties
20:29
Speaker 6: and thirties going to two buckets. Some are like Super
20:32
Speaker 6: Bowl and they're like, I'm going to use AI to
20:34
Speaker 6: build a company. Very entrepreneurial people who are very excited
20:38
Speaker 6: about this, but yeah, there's you know, folks in their
20:41
Speaker 6: twenties that are maybe a little bit less entrepreneurial that
20:44
Speaker 6: we're sort of like planning on a stable career path,
20:48
Speaker 6: and they're very nervous. They don't know if that job
20:51
Speaker 6: that they were maybe going to college to get is
20:53
Speaker 6: going to be around in ten years, and there's a
20:55
Speaker 6: lot of uncertainty. I think there will be job disruption.
21:00
Speaker 6: I think certain categories are easier to product predict than others,
21:05
Speaker 6: Like it probably wouldn't want to go into telemarketing right
21:08
Speaker 6: now as a as a profession, for example. But I
21:11
Speaker 6: also think there's going to be new jobs that are
21:14
Speaker 6: that are created and new job categories. And I mean,
21:19
Speaker 6: for example, your guys' job, like a influencer and content creator.
21:24
Speaker 6: It's very hard for people to be influencers and content
21:27
Speaker 6: creators even ten years ago. Right this is like a
21:30
Speaker 6: new thing. So I think you'll get a bunch of
21:32
Speaker 6: new things like that. And I think the field that
21:36
Speaker 6: you guys are in is are going to continue to grow.
21:37
Speaker 6: There's going to be more people that are that are
21:40
Speaker 6: going into that path, so not all is lost, and
21:45
Speaker 6: I think the jobs of the future will tend to
21:48
Speaker 6: look like leisure to us.
21:52
Speaker 5: Yeah.
21:52
Speaker 6: I mean, you imagine fifty years ago, like our grandparents
21:56
Speaker 6: in the workforce working at a big company, or maybe
21:59
Speaker 6: one hundred years ago if they're working in a factory
22:01
Speaker 6: or something like that. Looking at what we're doing today.
22:05
Speaker 6: You guys are recording shows. I'm at a computer typing.
22:09
Speaker 6: You know, probably wouldn't have looked like real work. They'd
22:12
Speaker 6: be like, oh, these guys are just horsing around. You know,
22:16
Speaker 6: why aren't they picking up tools and building stuff?
22:19
Speaker 5: You know.
22:19
Speaker 6: But you know, we take our jobs very, very seriously,
22:22
Speaker 6: and I think we'll probably have that same view of
22:25
Speaker 6: people two generations from now.
22:28
Speaker 3: So you're not you're not worried about like doomsday scenario
22:30
Speaker 3: when it comes to AI.
22:32
Speaker 6: I think that we'll be able to manage it. Yeah,
22:34
Speaker 6: I'm very I'm very optimistic. I mean, I don't think that.
22:38
Speaker 6: I think a lot of people feared about a fast takeoff.
22:43
Speaker 6: And you know when you guys saw GPT four came
22:46
Speaker 6: out and it was like a big change qualitatively over
22:51
Speaker 6: GP three T three point five, the original Chad GPT.
22:55
Speaker 6: Now we're on you know, GPT five, Gemini three. These
22:57
Speaker 6: models are good, but it's not like each one getting
23:00
Speaker 6: ten times better than the last. And there was this
23:03
Speaker 6: report twenty It was called like AI twenty twenty seven
23:09
Speaker 6: by an AI researcher. Maybe you guys have read this,
23:12
Speaker 6: and you know recently they updated and they're like, Okay,
23:15
Speaker 6: we thought everything would happen by twenty twenty seven. It's
23:18
Speaker 6: going a little bit slower than we imagine. We're revising
23:20
Speaker 6: it to twenty thirty. So AI researchers call that a
23:26
Speaker 6: slow takeoff scenario, and a slow takeoff is sort of
23:29
Speaker 6: good because that means we'll have more time than we
23:31
Speaker 6: thought to adapt and actually, you know, make changes. So
23:37
Speaker 6: I think we'll get there. I think initiatives like getting
23:41
Speaker 6: more people in the markets, making sure the young people
23:44
Speaker 6: and the babies have brokerage accounts from birth through the
23:47
Speaker 6: Invest America initiative will get us there. I think there'll
23:51
Speaker 6: be more entrepreneurship, and probably that entrepreneurship will look like
23:55
Speaker 6: leisure to us today, which also is a good thing.
24:00
Speaker 3: Where do you see crypto going, because obviously that's the
24:02
Speaker 3: major staple in what you guys have built with Robinhood
24:07
Speaker 3: in twenty twenty five, let's say twenty thirty five, right, Yeah,
24:10
Speaker 3: where do you see crypto going and bigcoin specifically.
24:15
Speaker 6: Yeah, I think the biggest needle mover for crypto is
24:20
Speaker 6: that it's going to help take the great things we
24:24
Speaker 6: built in the US and make them increasingly global and
24:28
Speaker 6: available to investors all around the world, some of which
24:33
Speaker 6: haven't had access to these tools, because I think we
24:36
Speaker 6: kind of take it for granted here that we have
24:38
Speaker 6: the US dollar, we have access to US stocks, we
24:41
Speaker 6: have really high quality assets. When Robinhood gets our private initiatives,
24:46
Speaker 6: we'll be able to distribute access to private companies, so
24:49
Speaker 6: we have really good investments and ways to allocate your capital.
24:53
Speaker 6: If you're in Venezuela, you don't have access to those things.
24:57
Speaker 6: And that's actually why stable coins have been soapower popular,
25:00
Speaker 6: because you know, a lot of these people are in
25:03
Speaker 6: countries that have unstable governments, unstable central banks. If they
25:07
Speaker 6: do have central banks at all, they don't have functional
25:10
Speaker 6: banking systems. Currencies are devaluing, and they're just adding zeros
25:15
Speaker 6: and zeros to them. The bills are worthless. So stable
25:20
Speaker 6: coins really became popular as a way to store your
25:25
Speaker 6: wealth in US dollars, because you know, the crypto companies
25:29
Speaker 6: actually went in and built local rails connecting to all
25:34
Speaker 6: of these markets, so they've been plugged into the crypto system.
25:37
Speaker 6: And I think crypto will evolve with tokenization to make
25:43
Speaker 6: it easy to distribute US stocks and other investments overseas
25:48
Speaker 6: as easily as stable coins have done it to dollars.
25:51
Speaker 6: So I think that's the future. Crypto will sort of
25:53
Speaker 6: like the technology will help stitch together all of the
25:56
Speaker 6: markets that make it so that everyone is on a
25:59
Speaker 6: level playing field, uh outside the US as we are
26:03
Speaker 6: in here. That's at least the future that we're we're
26:05
Speaker 6: working to build.
26:07
Speaker 3: So you believe in o ecosystem, not just bitcoin. Not
26:09
Speaker 3: a bitcoin maxie.
26:10
Speaker 5: I'm not a bitcoin maxie.
26:12
Speaker 6: Yeah, I mean I'm a bitcoin fan, and I think
26:14
Speaker 6: bitcoin uh has an inherent advantage. Price prediction, Oh, price
26:23
Speaker 6: predictions are tough. I would tell you, I'm pretty I'm
26:27
Speaker 6: pretty bull And if you told me at the beginning
26:32
Speaker 6: of the year that there would be like a National
26:34
Speaker 6: Bitcoin Strategic Reserve and all of these dats and we
26:37
Speaker 6: would still be sitting here basically flat for the year,
26:40
Speaker 6: maybe a little bit up, I'd be, I'd be surprised.
26:44
Speaker 6: It's got a lot going for it. It's a singular asset, right,
26:48
Speaker 6: it'll it'll always be the first.
26:50
Speaker 5: So I think.
26:50
Speaker 6: I think it's got a bit of a religion around
26:53
Speaker 6: it with the bitcoin maxis and and that's hard to
26:55
Speaker 6: fight relative to the other coins.
26:58
Speaker 1: Yeah, I think obviously, if you look at the correlation
27:02
Speaker 1: between the rise of bitcoin getting up to one hundred
27:04
Speaker 1: and twenty six thousand, you watch your stock also get
27:07
Speaker 1: towards all time high around the same time. People feel
27:10
Speaker 1: like there's a correlation there, but there's also a piece
27:12
Speaker 1: that has helped the stock, and that's the predictive markets.
27:15
Speaker 1: So not only could you invest in bitcoin, but you
27:17
Speaker 1: could say, hey, I see it getting to one hundred
27:20
Speaker 1: thousand by December thirty. First, talk about the role that
27:24
Speaker 1: predictive markets is played, because we talked about it like
27:26
Speaker 1: you were thinking about it. We were talking about probably
27:28
Speaker 1: market the last time we met in Miami, and now
27:30
Speaker 1: predictive markets are a thing, a real thing that I
27:33
Speaker 1: feel like you guys have adopted right away. Some of
27:37
Speaker 1: the other people in the space haven't, and they're looking
27:39
Speaker 1: at you guys like this is a leader.
27:41
Speaker 4: Do we need to add this. This is going to
27:43
Speaker 4: be disruptive.
27:44
Speaker 6: Yeah, absolutely, And it's kind of a fun position for
27:48
Speaker 6: me to be in because typically when you look at
27:50
Speaker 6: crypto and all the other products we've added, I mean,
27:52
Speaker 6: stock's probably the best example. We were like years after
27:57
Speaker 6: the leaders, right, I mean stocks went electronic in the eighties.
28:02
Speaker 6: Basically e trade got started. The idea was to trade
28:06
Speaker 6: stocks on the Apple macintosh. Apple Macintosh had come out,
28:11
Speaker 6: and these two guys got together in Palo Alto, California,
28:15
Speaker 6: and we're like, what if we use the Apple macintosh
28:17
Speaker 6: to trade stocks? And I think that was in nineteen
28:19
Speaker 6: eighty two, which is pretty crazy. So we were multiple
28:23
Speaker 6: decades late to the game for electronic trading in stocks.
28:28
Speaker 6: Crypto started in two thousand and nine. We added crypto
28:31
Speaker 6: to the platform in twenty seventeen. Actually, yeah, twenty eighteen
28:35
Speaker 6: was when you could start trading it. So typically we've
28:38
Speaker 6: had an approach where we come in after there's like
28:43
Speaker 6: clarity that it's a real thing that people want, and
28:46
Speaker 6: then we just bring our scale, lower costs, and you know,
28:51
Speaker 6: better ux to the product. So Prediction Markets is a
28:53
Speaker 6: new one for us because we were kind of out
28:55
Speaker 6: in front and then it's sort of like how do
28:57
Speaker 6: we maintain our lead and market position, and you know,
29:00
Speaker 6: when we have a bunch of people coming after us.
29:03
Speaker 6: It has surprised me that, you know, you have the
29:06
Speaker 6: exchanges like like Polly and Calshi, who have obviously been
29:11
Speaker 6: there from the beginning, but like no other broker has
29:15
Speaker 6: has gotten into it yet, no other broker of significant consequence.
29:20
Speaker 6: And I think they're coming like they're seeing what we're
29:22
Speaker 6: doing and they see that it's resonating with traders and
29:26
Speaker 6: and just with mass market retail. But yeah, I think
29:32
Speaker 6: we're also moving and we're adding new innovations. I think
29:35
Speaker 6: the event that we're gonna we're gonna unveil on the
29:38
Speaker 6: sixteenth is is going to show some new things to
29:40
Speaker 6: people that they haven't seen before. And it's the fastest
29:44
Speaker 6: growing business that Robin Hood's had. You know, in the
29:47
Speaker 6: past year, we've gone from one single contract, which is
29:52
Speaker 6: the presidential election, to over fifteen hundred. We've gone from
29:58
Speaker 6: it's basically the volume is doubled. Quarter over quarter. Q
30:03
Speaker 6: three had I want to say, two point two million contracts,
30:09
Speaker 6: but then October had two point five million, so more
30:12
Speaker 6: than Q three put together and then you had November.
30:15
Speaker 6: We announced the November numbers, three billion contracts traded in November,
30:20
Speaker 6: which is yeah, it's a thirty million revenue in a month,
30:25
Speaker 6: so three hundred and sixty million run rate if you
30:28
Speaker 6: take the November numbers, which is a big ramp, and
30:34
Speaker 6: I think, you know, it's just been really resonating with
30:39
Speaker 6: the traders.
30:40
Speaker 2: And sports betty.
30:42
Speaker 6: Sport's a big part of it, but the big part
30:45
Speaker 6: of what we're doing is also diversifying the contracts. So
30:49
Speaker 6: it used to be just elections and elections I think
30:53
Speaker 6: to me is probably the most interesting. Then we added
30:56
Speaker 6: sports and we've added a ton of leagues. There what's
31:00
Speaker 6: betting or like, what is it exactly? I liked most
31:05
Speaker 6: people I took to call it wagering.
31:08
Speaker 2: Wagering, Okay, I like the language there.
31:12
Speaker 6: I think it's different in all seriousness to sports betting,
31:17
Speaker 6: and a lot of people ask about, you know, how
31:20
Speaker 6: is it different from a regulatory standpoint, from a product standpoint.
31:24
Speaker 6: I think it's significantly different. And I haven't really done
31:27
Speaker 6: much sports betting, but what people love about it is
31:31
Speaker 6: you can actually trade these contracts during the game, so
31:37
Speaker 6: you know, the because it's a it's a two sided market.
31:42
Speaker 6: The exchanges run the contracts while the games are happening,
31:45
Speaker 6: and that's when the information is coming in. I mean,
31:48
Speaker 6: for example, you can see how each play changes, changes
31:54
Speaker 6: the odds and the outcomes, and you can go in
31:56
Speaker 6: and out of the positions, and a lot of the
31:59
Speaker 6: market part pints that are coming in both from the
32:01
Speaker 6: market maker side and sort of like on the trading side,
32:05
Speaker 6: are the same market participants that have been trading futures
32:08
Speaker 6: and equities. So I think it's disruptive to sports betting,
32:13
Speaker 6: but I see it as a fundamentally different animal and
32:17
Speaker 6: a better product, which is why I think all the
32:20
Speaker 6: traditional sports betting sites are so nervous about it, and
32:26
Speaker 6: they're just sort of like, uh yeah, they see the
32:29
Speaker 6: writing on the wall, and they're they're working as hard
32:32
Speaker 6: as possible to figure out their prediction market strategy, and
32:35
Speaker 6: some of them are outright pivoting to prediction markets completely.
32:39
Speaker 1: As soon as you said the November's numbers went up,
32:40
Speaker 1: I automatically thought NFL and its height constable, and it's height,
32:44
Speaker 1: but it's not just sports and NBA.
32:45
Speaker 4: NBA is and it's kicking off. World Series is just
32:48
Speaker 4: about the end.
32:49
Speaker 5: Well, and we have you.
32:50
Speaker 6: I think we mentioned this earlier AI model contracts, which
32:54
Speaker 6: you know is a space I feel like I have
32:56
Speaker 6: some understanding of. And you have traders that are specialized
33:00
Speaker 6: in very specific areas. And you know, like four months
33:06
Speaker 6: ago it was I think thirty five percent chance that
33:10
Speaker 6: Gemini would have the best model by the end of
33:13
Speaker 6: the year. Chad Gpt started the year ahead.
33:16
Speaker 5: Right, and you know, if you really.
33:21
Speaker 6: For folks that really kind of understood what was happening
33:24
Speaker 6: in the AI world, it seemed like conventional wisdom was wrong.
33:27
Speaker 5: Right.
33:27
Speaker 6: You have Google, who's on a steep trajectory, and they
33:31
Speaker 6: have all the data, all the compute, they're highly motivated.
33:35
Speaker 6: I think now we look at the Gemini release and
33:38
Speaker 6: it's like, well, it's so obvious they had all these tools.
33:40
Speaker 6: But back then, I think conventional wisdom was wrong. So
33:44
Speaker 6: I think for a trader, it's going to open up
33:47
Speaker 6: more possibilities, and you know, you can specialize in things
33:50
Speaker 6: because there's probably at least one topic that each person
33:54
Speaker 6: understands better than the average conventional wisdom. So I think
33:58
Speaker 6: it'll pull in more traders. But I think the most
34:00
Speaker 6: interesting thing for me is that it creates a new
34:03
Speaker 6: source of information. It's almost like the new media or
34:07
Speaker 6: new news, or instead of watching talking heads pontificating about
34:11
Speaker 6: what's going to happen, you can just look at the
34:12
Speaker 6: market and then you'll learn a little bit about what's
34:16
Speaker 6: likely or what's even what's even true in this world?
34:20
Speaker 3: Do you have any reservations about this, because it's like
34:23
Speaker 3: young people now are they're betting on sports more than
34:27
Speaker 3: they open in Brogridge accounts. So we know that gambling
34:29
Speaker 3: has been long history in America, but most of the
34:33
Speaker 3: time people that gamble lose money, right, So that's boys
34:36
Speaker 3: been a thing of like, well, what's the difference between
34:38
Speaker 3: gambling and investing for a long time you can say, well,
34:40
Speaker 3: investing is a game of knowledge and gambling is a
34:43
Speaker 3: game of chance. Right, Like you invest in the s
34:45
Speaker 3: and P five hundred, you hold it, you're going to
34:46
Speaker 3: make money. Vegas is a fifty to fifty chance. But
34:49
Speaker 3: now essentially the worlds are colliding and investing is kind
34:54
Speaker 3: of turning into gambling like prediction markets. Right, it's kind
34:57
Speaker 3: of like a form. It's a form of gambling and
34:59
Speaker 3: a more sophistic decated way.
35:00
Speaker 2: Right.
35:01
Speaker 3: So even with the political thing. I mean, we see
35:05
Speaker 3: what happens in sports betting. People bet a lot of
35:07
Speaker 3: money on sports. They're going to do things to determine
35:11
Speaker 3: that their team is going to win, which leads to corruption,
35:13
Speaker 3: which we see FBI have an investigation on the NBA. Now, yeah,
35:16
Speaker 3: the same thing could happen in politics. If I bet
35:18
Speaker 3: a million dollars that the Senator is going to win,
35:20
Speaker 3: like you know, now you get into a very gray
35:23
Speaker 3: area of very you know, kind of a dark, dark
35:28
Speaker 3: pathway that could be followed. So I say that to say,
35:32
Speaker 3: do you think that this is actually a form of
35:35
Speaker 3: gambling and do you think that it is kind of
35:40
Speaker 3: opening doorways to you know, a new way of people
35:44
Speaker 3: just instant gratification gambling on everything in society.
35:49
Speaker 5: I think it's a little bit different.
35:52
Speaker 6: I mean, if you look at financial markets, there's been
35:58
Speaker 6: there's been a lot of people think trading and gambling
36:02
Speaker 6: are one and the same. I think it's a little
36:05
Speaker 6: bit different, and I think every financial market has been
36:09
Speaker 6: sort of like under this attack. When future trading first
36:13
Speaker 6: rolled out to retail a few decades ago, you know,
36:16
Speaker 6: a lot of people ask this question, why is a
36:18
Speaker 6: retail investor speculating on the price of oil or corn.
36:23
Speaker 6: They're certainly not hedging their corn exposure in any significant way.
36:30
Speaker 6: And I think the answer is, in order for a
36:33
Speaker 6: market to work, you need speculators. And then some people say, well,
36:37
Speaker 6: you know, what's the difference between speculation and gambling. It's
36:40
Speaker 6: kind of two words describing the same thing. You're making
36:43
Speaker 6: a short term price prediction on what's going to happen,
36:48
Speaker 6: and you know you're putting your money, putting money behind that.
36:51
Speaker 6: And of course when you're putting money behind a short
36:53
Speaker 6: term price prediction, there's risk involved. But I think we
36:58
Speaker 6: need the speculators because without the speculators, the market isn't
37:03
Speaker 6: effective for the hedgers, So every market requires speculation in
37:08
Speaker 6: order in order to work. Now, I don't think everyone
37:12
Speaker 6: should be speculating with all of their money, but I
37:17
Speaker 6: think what we're seeing is people have different buckets. You know,
37:21
Speaker 6: they have. Even the most active traders that we have
37:26
Speaker 6: on the platform, those are the ones that tend to
37:29
Speaker 6: be most likely to open up retirement accounts as well.
37:33
Speaker 6: So you know, we do have people that are just
37:35
Speaker 6: using Robinhood for trading, but if you take a typical
37:40
Speaker 6: active trader, they tend to be the ones that use
37:43
Speaker 6: us for all of their things, so that they'll have
37:45
Speaker 6: a retirement account, they'll have, you know, a discretionary and
37:48
Speaker 6: maybe they'll have a dividend portfolio. We rolled out a
37:51
Speaker 6: nice feature called multiple brokerage Accounts, which actually lets you
37:55
Speaker 6: put your money in different buckets. And you know that
37:58
Speaker 6: increasingly we have bangs, So we've got there, you know,
38:01
Speaker 6: checking and savings accounts with us. So what it looks
38:04
Speaker 6: like is a trader comes in, maybe they come for
38:08
Speaker 6: prediction markets increasingly, or crypto or stock and options trading,
38:13
Speaker 6: and then they open up a bunch of accounts with us,
38:17
Speaker 6: they use a lot of our products, and then all
38:19
Speaker 6: of their ideally all of their money ends up at Robinhood.
38:24
Speaker 6: But yeah, so in a hypothetical world where everyone was
38:28
Speaker 6: just speculating one hundred percent of their money, I think
38:31
Speaker 6: that would be not great for society. But that's that's
38:34
Speaker 6: not what we're seeing. And in terms of what we
38:37
Speaker 6: incentivize as a company, you know, the behavior that we incentivize,
38:42
Speaker 6: we incentivize retirement. So a retirement account is the one
38:45
Speaker 6: where rock bottom costs three percent match, so we actually
38:49
Speaker 6: incentivize you to put to put money in and that's
38:52
Speaker 6: been incredibly successful, over twenty five billion in assets, one
38:56
Speaker 6: and a half million funded retirement accounts. I think among
39:00
Speaker 6: the fastest growing, if not the singular fastest growing retirement
39:04
Speaker 6: product of all time. So what we really want to
39:07
Speaker 6: build is we want to be your financial super app.
39:11
Speaker 6: We want to be your primary and your secondary financial account.
39:15
Speaker 5: So all of your.
39:16
Speaker 6: Activities should be should be done at Robinhood. And you
39:21
Speaker 6: raise the integrity concern, Well, how do you know that
39:23
Speaker 6: someone's not, you know, taking advantage of their inside information
39:29
Speaker 6: to make money on these things? And I think this
39:32
Speaker 6: is a criticism that you can levy on you know,
39:38
Speaker 6: the conventional sports books as well, and they've gotten into
39:42
Speaker 6: some heat for that, and they're saying, well, this is
39:44
Speaker 6: why it has to be regulated by the States, because
39:47
Speaker 6: we have all the machinery. Well, the financial markets have
39:51
Speaker 6: been dealing with market integrity concerns for decades. Like you
39:55
Speaker 6: can imagine, it's pretty analogous to a corporate insider or
39:59
Speaker 6: someone that works at a company using information that they
40:03
Speaker 6: have on a in on an upcoming product launch to
40:08
Speaker 6: make money. And you know, we have robust safeguards in
40:12
Speaker 6: the form of trade surveillance, monitoring, And it's actually one
40:18
Speaker 6: of the benefits of doing this in a in a
40:21
Speaker 6: regulatory environment that has all of that set up, rather
40:26
Speaker 6: than you know, doing it offshore where all bets are
40:30
Speaker 6: off no pun intended, and there's no control, so that
40:33
Speaker 6: it's happening anyway people want to do it. It's like
40:36
Speaker 6: a growing regulated market, and I think it's better to
40:39
Speaker 6: have it in a place that has controls than the alternative.
40:44
Speaker 1: Is there a part of you in the team that says,
40:48
Speaker 1: let's meet our customer base where they are or maybe
40:50
Speaker 1: where our future customer base is. Right, if we know
40:52
Speaker 1: that we've seen the spike of DraftKings, we've seen Flutter,
40:56
Speaker 1: which obviously owns FanDuel.
40:58
Speaker 4: We've seen casino.
41:00
Speaker 1: Apps come and just take over, right even New York
41:03
Speaker 1: haven't sports betting now what we've seen income If we
41:06
Speaker 1: know that they're there, if we order for predictive markets,
41:09
Speaker 1: is an opportunity to sees go from one spectrum to say, hey,
41:13
Speaker 1: there's more things to offer outside of just the sports betting.
41:17
Speaker 1: There are the retirement plans, there are broketure accounts that
41:19
Speaker 1: you can open.
41:20
Speaker 4: Is part of it. Let's meet them where we're at.
41:22
Speaker 1: So we can convert them as well over to what
41:24
Speaker 1: we have as a totality.
41:27
Speaker 5: I think that's a big part of it.
41:28
Speaker 6: I mean when I say we want to be your
41:30
Speaker 6: primary and secondary financial account, what I really mean is
41:35
Speaker 6: you should deposit your paycheck into robin Hood Banking. We
41:38
Speaker 6: should be the place where you have your savings account,
41:40
Speaker 6: your emergency fund, and you should of course have your
41:44
Speaker 6: retirement and if you want passively managed investments, we've got
41:50
Speaker 6: robbin Hood Strategies, which I think is far and away
41:54
Speaker 6: the best digital advice product on the market that launched
41:57
Speaker 6: earlier this year and rapidly went to.
41:59
Speaker 4: Over a build an educational standpoint.
42:02
Speaker 6: Well from educational standpoint for sure, but also just if
42:05
Speaker 6: you want a money button where you just put money
42:08
Speaker 6: in the account and it's invested for you reasonably at
42:13
Speaker 6: the lowest possible costs, I don't think there's a better
42:16
Speaker 6: digital advice product like robo advice is what it competes with.
42:20
Speaker 6: And then of course your discretionary trading and investing. So yeah,
42:26
Speaker 6: we think we can serve all of your dollars. Right,
42:30
Speaker 6: your money should come into Robinhood and essentially we should
42:34
Speaker 6: make it so that you never feel like you have
42:36
Speaker 6: to transfer money out. And I think when we saw
42:40
Speaker 6: the rise of sports betting, which happened with the deregulation
42:47
Speaker 6: of gambling at the end of the last decade, you know,
42:51
Speaker 6: and you see the articles where actually it's been growing
42:55
Speaker 6: incredibly quickly. Young people especially are doing more of it.
42:58
Speaker 6: I think we had a little bit of a choice
43:01
Speaker 6: to make. You know, do we fight against this, you know,
43:04
Speaker 6: do we go out and say, you know, we're against
43:06
Speaker 6: it and people shouldn't be doing it, or do we actually, uh,
43:12
Speaker 6: you know, take the stance that we think people should
43:15
Speaker 6: be free to do whatever they want with their money,
43:18
Speaker 6: of course, within reason, and we want to make it
43:20
Speaker 6: a safe environment for them to do those things. And
43:25
Speaker 6: I think the reality is there is a lot of ways,
43:29
Speaker 6: there's a lot of ways out there that you could
43:35
Speaker 6: not even invest. But also just like spend money frivolously.
43:39
Speaker 6: I mean, we're just being bombarded with ads for buying
43:43
Speaker 6: different things, and you know, not not even just money,
43:46
Speaker 6: but time all these like digital video platforms that are
43:52
Speaker 6: just engaging us and sucking up our time. So uh,
43:57
Speaker 6: if you look at you know, the broader things that
44:00
Speaker 6: are keeping you from doing good behaviors, there's a lot
44:03
Speaker 6: of distractions out there, And I actually worry less broadly
44:07
Speaker 6: about sports betting than you know, social media becoming super
44:10
Speaker 6: addictive and just sucking up all of our free time
44:14
Speaker 6: because time is also money. Right, You're spending four hours
44:17
Speaker 6: a day on social media, that's that's that's time you
44:21
Speaker 6: could be spending doing other things. So yeah, I think
44:27
Speaker 6: I think that at the end of the day, you know,
44:30
Speaker 6: people have to make their their own decisions for how
44:33
Speaker 6: to spend their time and money, and we have to
44:35
Speaker 6: do the best to help them do do things that
44:39
Speaker 6: are good. But ultimately, you know, the the users in charge.
44:44
Speaker 3: Do you think that there's gonna be AI bubble? And
44:48
Speaker 3: do you think that the economy as a whole is
44:51
Speaker 3: headed in a negative dimension? A lot of people are
44:53
Speaker 3: forecasting a recession. Some people think that we've been in
44:55
Speaker 3: a recession. So what'sh your thoughts on a greater economy
44:58
Speaker 3: going into next and a year after, and what's your
45:01
Speaker 3: thoughts on so much talk about the AI bust happening?
45:07
Speaker 6: Yeah, I mean, to some degree, we're always in you know,
45:13
Speaker 6: no new technology that's as popular as AI is just
45:19
Speaker 6: a smooth up into the right right, people get excited
45:23
Speaker 6: about things. There's corrections. You saw it with crypto, you
45:26
Speaker 6: saw it with the Internet in the dot com. It's
45:29
Speaker 6: a question of where we are in that cycle. And
45:33
Speaker 6: my take is we're still rather early, Like we haven't
45:36
Speaker 6: even seen AI I pos yet. Right, We've got two
45:40
Speaker 6: companies that are really, really big AI native companies, in
45:44
Speaker 6: Vidia and Google. You look at them from a fundamental standpoint,
45:47
Speaker 6: I don't think their price earnings are completely out of
45:51
Speaker 6: whack by historical measures. So yeah, near term, I would
46:00
Speaker 6: say that public markets, they they don't seem overly like,
46:07
Speaker 6: they don't seem like they're overvaluing what we're seeing in
46:11
Speaker 6: AI yet.
46:12
Speaker 2: Uh.
46:13
Speaker 6: And I don't think a lot of the the AI
46:15
Speaker 6: companies that are private h. I mean, you know, you
46:20
Speaker 6: can you can debate how real the data center build
46:25
Speaker 6: out is going to end up being. And I think
46:29
Speaker 6: some of those things are rather complicated to to parse.
46:34
Speaker 6: You know, the spend commitments with the chips, but if
46:37
Speaker 6: you look at the fundamentals, people are buying chips. The
46:39
Speaker 6: models are improving.
46:41
Speaker 1: Uh.
46:41
Speaker 6: The researchers say, you know, they don't see an end
46:45
Speaker 6: to reinforcement learning and pre training seems intact. So the
46:49
Speaker 6: models are continuing to get smarter, which makes me feel like,
46:55
Speaker 6: at least in the near term, we're gonna we're gonna
46:58
Speaker 6: keep seeing AI driving forward.
47:00
Speaker 4: Yeah.
47:01
Speaker 1: So we talked about predictive markets, but one of the
47:05
Speaker 1: biggest revenue models for you guys lies in options trading. Yeah,
47:09
Speaker 1: zero day trading, futures trading. With the new technology that
47:14
Speaker 1: you guys launched last year. Talk about the impact that
47:17
Speaker 1: it's had obviously on the company and where you're seeing
47:19
Speaker 1: your retail investors. Are they staying, are you seeing more
47:21
Speaker 1: people in those spaces?
47:23
Speaker 6: Yeah. Legend has been growing remarkably quickly. So Legend is
47:28
Speaker 6: our desktop active trader platform, and you know, month over
47:34
Speaker 6: month we're seeing we're seeing continued growth and acceleration there,
47:39
Speaker 6: and it's sort of like activity we wouldn't have gotten otherwise.
47:43
Speaker 6: So I think active traders before we rolled out Legend,
47:47
Speaker 6: they were using our competitors because they need multiple screens,
47:50
Speaker 6: they need, you know, to chart on the same page
47:54
Speaker 6: as entering the order, so we weren't serving them optimally
47:58
Speaker 6: on mobile. And these are our most engaged customers. Every
48:03
Speaker 6: time I ask, you know, how can we make Legend
48:05
Speaker 6: better on social media? I just get hundreds of comments
48:09
Speaker 6: of all of the specific things they want us to improve.
48:13
Speaker 6: So what gets me most excited is it's already quite big.
48:16
Speaker 6: People are already quite happy, and I have just just
48:21
Speaker 6: a endless list of more things that they want, and
48:25
Speaker 6: I've got a great team on it that's like moving
48:27
Speaker 6: really fast and super motivated. So I think that's going
48:30
Speaker 6: to be a tailwind for the business. And we're doing
48:33
Speaker 6: things on Legend that nobody else is doing, incorporating AI
48:37
Speaker 6: tools to make it even more differentiated experience for our traders.
48:43
Speaker 6: I think for an active trader, they should feel like
48:46
Speaker 6: they're at a disadvantage using any other platform than Robinhood
48:51
Speaker 6: and the couple other things we're doing. Besides the AI integrations,
48:56
Speaker 6: we've added index options, which was a very common quest.
49:00
Speaker 6: Index options they trade around the clock. It allows you
49:04
Speaker 6: to hedge with the broad based market or index and
49:09
Speaker 6: really quickly, we've just grown our market share there to
49:13
Speaker 6: the point where you know, we're we're now among the
49:15
Speaker 6: biggest players, if not the biggest option same story that's
49:20
Speaker 6: been more steady. We were already quite big, but if
49:22
Speaker 6: you look at the market share numbers, which which are public,
49:27
Speaker 6: we're either number one.
49:28
Speaker 5: Or TI tied to number one every time number one.
49:31
Speaker 6: Yeah. So so we've been doing well. Yeah, and and
49:36
Speaker 6: I think we're on a path, but yeah, there's more
49:38
Speaker 6: to do. We're still under penetrated on web, where a
49:41
Speaker 6: lot of the of the market is. So I see
49:44
Speaker 6: Legend continuing to drive that. Our AI tools are still nascent.
49:48
Speaker 6: I think those are going to get a lot better.
49:51
Speaker 5: And then you know, you.
49:53
Speaker 6: Could see actually prediction markets high overlap with our active traders.
49:57
Speaker 6: You could see that becoming more integrated into Legend. It's
50:00
Speaker 6: not even on Legend yet, and across all of our
50:03
Speaker 6: other surfaces.
50:05
Speaker 3: So before we leave, I just wanted to ask you
50:06
Speaker 3: a question about I know you and a lot of
50:09
Speaker 3: other tech billionaires have spent a lot of time in DC. Yeah,
50:12
Speaker 3: so I want to get your thoughts on on the
50:15
Speaker 3: current administration, your conversations with the president and different initiatives.
50:19
Speaker 3: And then I think you have another story to tell
50:22
Speaker 3: about another politician that's been you a gift. Oh yes, yeah,
50:25
Speaker 3: let's talk about politics. Le's talk about politics for a minute,
50:27
Speaker 3: shall we.
50:28
Speaker 6: Let's do it. I mean, from from the very beginning,
50:30
Speaker 6: I think Robin Hood has built ourselves up to be
50:34
Speaker 6: and you could say at the beginning, it was inadvertent.
50:37
Speaker 6: I think the philosophy of most Silicon Valley companies would
50:41
Speaker 6: be stay out of politics, at least when we got
50:43
Speaker 6: started in the middle of last decade, just build your
50:47
Speaker 6: stuff and you know, probably ignore what's going on in Washington.
50:53
Speaker 1: Uh.
50:54
Speaker 6: And we started during the Obama administration, so we've gone
50:57
Speaker 6: through Obama, Trump one, Biden and now. So we've had
51:01
Speaker 6: a good mix of you know, first being ignored, then
51:06
Speaker 6: having generally favorable conditions during Trump won, but maybe not
51:11
Speaker 6: as favorable as now, and then the Biden administration, which
51:14
Speaker 6: was just outright hostile to crypto and retail trading in general.
51:19
Speaker 6: So we've kind of seen everything, and I think it
51:22
Speaker 6: became clear around twenty nineteen twenty twenty when we became
51:26
Speaker 6: big that you know, the strategy of just doing our
51:29
Speaker 6: business in Silicon Valley and ignoring Washington was not working
51:32
Speaker 6: because our competitors, the big brokers and financial firms, were
51:36
Speaker 6: very plugged into Washington. And so you know, this led
51:40
Speaker 6: to politicians, lawmakers, regulators who were hearing from all these people,
51:46
Speaker 6: just hearing negative things. And so we made a presence.
51:49
Speaker 6: We started investing quite a bit. We have a big
51:51
Speaker 6: office in DC, full office with you know, not just
51:57
Speaker 6: government affairs and legal but actually engineering security, you know,
52:01
Speaker 6: a lot lots of people.
52:03
Speaker 5: It helps.
52:03
Speaker 6: I also grew up in the area. I was sort
52:06
Speaker 6: of a DC local, so I felt at least I
52:12
Speaker 6: knew where to go, you know, when when when when
52:15
Speaker 6: when I'm in the car working my way over to Congress.
52:18
Speaker 6: But yeah, it's it's always been. We've tried to go
52:23
Speaker 6: on both sides. We Republicans have historically been more receptive, right,
52:30
Speaker 6: I mean, I've been to the White House at least
52:32
Speaker 6: five times this year, and I was not invited once
52:34
Speaker 6: during the Biden administration, despite the fact that we're a big,
52:38
Speaker 6: big financial company, you know, leading retail trading. So certainly
52:43
Speaker 6: we appreciate that this this administration has been willing to
52:47
Speaker 6: engage and actually make America the the center for financial services.
52:54
Speaker 6: And they have great initiatives like the Trump Accounts, which
52:56
Speaker 6: are encouraging equity ownership, which were very aligned with. So
53:01
Speaker 6: because they've been so willing to engage in lead, we've
53:03
Speaker 6: been more and more involved, and we see it as
53:06
Speaker 6: an opportunity to further our mission. But it doesn't mean that,
53:11
Speaker 6: you know, we're not engaging with the Democrats as well,
53:14
Speaker 6: because some of the Democrats are also like less on
53:18
Speaker 6: the hyper progressive socialist side and more middle of the road,
53:21
Speaker 6: and you know, they want the US to also be
53:25
Speaker 6: number one and in business and financial services, and so yeah,
53:30
Speaker 6: we've continued to engage on both sides. And the thing
53:35
Speaker 6: you referred to earlier was, yeah, I got a burner
53:40
Speaker 6: phone sent to me by by Governor Gavin Newsome. And
53:45
Speaker 6: I was on a trip and I come back and
53:47
Speaker 6: you know, my team tells me Gavin Newsom sent you
53:50
Speaker 6: a flip phone, and like, what do you mean the
53:53
Speaker 6: Gavin Newsom, the governor, and I'm based in Menlo Park, California.
53:58
Speaker 6: They said, yes, you know, we checked with his team.
54:00
Speaker 5: It's real.
54:01
Speaker 6: Everyone thought it was a little bit strange, but okay.
54:03
Speaker 6: And I opened up the phone and it's Gavin Newsome's
54:07
Speaker 6: number in there, and of course I call it immediately, Gavin.
54:14
Speaker 6: Gavin Newsom picks up and like, Governor, it's me vlat Tenev,
54:19
Speaker 6: I got your phone.
54:20
Speaker 5: Thank you. It's very nice.
54:22
Speaker 6: And you know, to his credit, he said, look, there's
54:25
Speaker 6: a perception that the state of California and me personally
54:28
Speaker 6: or against entrepreneurship. We don't want we're an inhospitable place
54:32
Speaker 6: for you to build companies. I want you to know that,
54:37
Speaker 6: you know you can call me at any time, and
54:38
Speaker 6: anytime you have a problem or you want to talk
54:40
Speaker 6: about how we can improve the state and make it
54:43
Speaker 6: a better place to do business.
54:45
Speaker 5: I'll pick up the call.
54:46
Speaker 6: And other people got this phone too, so it wasn't
54:49
Speaker 6: just me.
54:50
Speaker 2: It was like a marketing strategy because he could have
54:52
Speaker 2: just gave you his number.
54:53
Speaker 5: That's true, Yeah.
54:57
Speaker 2: Can you only call Can you only call him from
54:58
Speaker 2: that phone?
55:00
Speaker 5: I haven't tried. I've only tried calling them from.
55:02
Speaker 4: That point immediately, Laura, let's get on this.
55:05
Speaker 6: But I appreciated the gesture, So, I mean, it just
55:07
Speaker 6: shows you that I think that there are democrats that
55:10
Speaker 6: are open to engaging with business and like what we're
55:14
Speaker 6: doing as well.
55:15
Speaker 5: And I think that, yeah, I.
55:19
Speaker 6: Mean, we're obviously happy to engage with anyone on both
55:24
Speaker 6: sides to further the mission of making everyone owners of
55:28
Speaker 6: this great American industry. But of course I do appreciate
55:31
Speaker 6: what this current administration is doing. They've been doing really
55:34
Speaker 6: good things in general. I think they're getting some of
55:38
Speaker 6: the important things right, and the invest America Trump Accounts
55:42
Speaker 6: initiative in particular, I think can change the world if
55:45
Speaker 6: implemented correctly. So with that one, I'm very excited. And
55:49
Speaker 6: of course I've told the President and the Treasury who's
55:52
Speaker 6: overseeing it, that whatever we can do to make sure
55:56
Speaker 6: it goes smoothly, it's high quality. People actually use the account, Senate,
56:00
Speaker 6: it's not just buried somewhere.
56:02
Speaker 5: Inaccessible, and explain that what that is.
56:05
Speaker 2: Yeah.
56:05
Speaker 6: So there's an initiative that passed as part of the
56:08
Speaker 6: Budget Reconciliation bill earlier this year that'll give each child
56:12
Speaker 6: born in this country an investment account with one thousand
56:16
Speaker 6: dollars funded by Treasury, invested into a diversified portfolio of
56:21
Speaker 6: think like S and P five hundred. Yeah, and you know,
56:25
Speaker 6: it would just be passive. The investments would go in,
56:28
Speaker 6: it would grow, and you know, when the child hits
56:32
Speaker 6: eighteen and eventually and then thirty five, there's hurdles where
56:36
Speaker 6: they assume greater control over that portfolio. But Michael Dell
56:41
Speaker 6: and his wife Susan donated I think about six and
56:46
Speaker 6: a half billion to increase to give two hundred and
56:49
Speaker 6: fifty dollars to not just newborns, but backdated.
56:53
Speaker 5: Everybody under ten years.
56:57
Speaker 6: And I think you're going to see more and more
56:59
Speaker 6: companies do interesting things. So one of the areas of
57:02
Speaker 6: focus has been how do we make it as easy
57:04
Speaker 6: as possible for money to flow into these accounts from
57:08
Speaker 6: your family, from corporates and employers, from you know, your
57:12
Speaker 6: church or other religious organizations. How can we make this
57:15
Speaker 6: sort of like a multi generational giving platform that makes
57:20
Speaker 6: it as easy as possible to actually give money from
57:24
Speaker 6: us to the next generation. And to me, it's very
57:27
Speaker 6: powerful because in so many of the other things that
57:31
Speaker 6: we do, we're sort of like taking money from the
57:33
Speaker 6: future and spending it now, Like the national debt and
57:36
Speaker 6: big deficits are a form of that social security. There's
57:40
Speaker 6: also an element of that, like we're funding folks now
57:44
Speaker 6: and the debt is going to have to be paid
57:47
Speaker 6: for in the future, so I like to counteract that.
57:50
Speaker 6: The fact that this counteracts that, I think is very powerful.
57:53
Speaker 1: Yeah, and parents can put money into that account, and
57:56
Speaker 1: it's just the idea of compound and interest over time, Right,
57:59
Speaker 1: somebody gets that when they're born. By the time they're eighteen,
58:02
Speaker 1: it reaches a certain amount. Obviously, if you put more
58:05
Speaker 1: into it, there'll be more. Whereas when we started the
58:08
Speaker 1: conversation almost it was like, what happens to the kid
58:10
Speaker 1: who's graduating high school in twenty years and now can't
58:14
Speaker 1: find a job or maybe college is not affordable.
58:16
Speaker 4: That accountant is at least there for them to pursue
58:18
Speaker 4: other things. Entrepreneurship is one of those things that she
58:20
Speaker 4: was talking about.
58:21
Speaker 6: Yeah, absolutely, this is like a good foundation for you know,
58:25
Speaker 6: not just sort of a nest egg for the future financially, Yeah,
58:29
Speaker 6: but also I think it it gives people skin in
58:34
Speaker 6: the game. For American industries, like the biggest American companies,
58:41
Speaker 6: you'll sort of like make sure that, you know, young
58:46
Speaker 6: people feel like they have some ownership, some skin in
58:48
Speaker 6: the game. You know, they'll be less likely to want
58:51
Speaker 6: to burn the system down if they actually have some
58:54
Speaker 6: skin in the game and are incentive to protect it,
58:57
Speaker 6: which I think I think is a good thing because
58:59
Speaker 6: so many young people feel like they don't have skin
59:01
Speaker 6: in the game, and like, well, if if the American
59:05
Speaker 6: government or the financial markets aren't working for me, what's
59:10
Speaker 6: my incentive to you know, be in a supporter of
59:14
Speaker 6: free markets and ownership. And I think giving people that
59:18
Speaker 6: ownership is. Yeah, it is much much stronger. It's like
59:23
Speaker 6: when you own a piece of land or a house,
59:26
Speaker 6: you keep it in better condition. If you're just sort
59:28
Speaker 6: of like a visitor or even renting, you know, I
59:31
Speaker 6: don't care about it as much.
59:32
Speaker 1: My final question is this is probably my favorite quote
59:35
Speaker 1: of yours this year. It was in a journal over
59:38
Speaker 1: the weekend and they were talking about how you used
59:41
Speaker 1: to drive a modest Tesla car. Yes, and then the
59:45
Speaker 1: next quota says, why do I care about what other
59:47
Speaker 1: people perceive of the CEO of Rabin. We were talking
59:50
Speaker 1: about watches before it and the piece that talks about
59:54
Speaker 1: how you're collecting.
59:57
Speaker 5: Cars.
59:57
Speaker 4: At this point, when.
59:58
Speaker 6: Do we should acknowledge that you guys are wearing some
1:00:00
Speaker 6: very nice watches, as am I a Robinhood Court special here?
1:00:05
Speaker 2: Everything earned one is that one of one?
1:00:07
Speaker 6: No, no, no, we are we're testing it. We're testing
1:00:11
Speaker 6: it for broader distribution. So maybe at some point you'll
1:00:15
Speaker 6: be wearing these two.
1:00:16
Speaker 4: Maybe you'll see us in that well.
1:00:17
Speaker 1: Yeah, I just want to know, at what point during
1:00:20
Speaker 1: this past five ten years did you get to the
1:00:24
Speaker 1: reckoning of, like, you know what, I'm living life on
1:00:26
Speaker 1: my terms.
1:00:28
Speaker 6: I think it was probably either Yeah, probably end of
1:00:33
Speaker 6: somewhere between the end of twenty twenty two and the
1:00:37
Speaker 6: end of twenty twenty three. Yeah, when things were actually
1:00:43
Speaker 6: quite negative in Robinhood. And I think that that quote
1:00:51
Speaker 6: was taken a little bit out of context or I mean,
1:00:55
Speaker 6: I definitely said it, But what I was trying to
1:00:57
Speaker 6: communicate is that, you know, a lot of times, as
1:01:05
Speaker 6: a CEO or just as a human being, you're kind
1:01:10
Speaker 6: of pressured to do things a certain way based on appearances,
1:01:13
Speaker 6: how other people will will perceive them. Other people want things,
1:01:17
Speaker 6: so maybe I should like support them publicly. And I
1:01:20
Speaker 6: think there was a general shift of let me just
1:01:23
Speaker 6: think about what I think is right and what I
1:01:25
Speaker 6: want and communicate that rather than trying to like do
1:01:30
Speaker 6: things or communicate things just because I think that's what
1:01:33
Speaker 6: other people want to see. So I think authenticity in
1:01:37
Speaker 6: a nutshell is actually important. I think I've gone back
1:01:41
Speaker 6: and forth on this. I didn't want the outcome to
1:01:44
Speaker 6: be I really like nice things. Yeah, because I'm actually
1:01:49
Speaker 6: back to driving the Tesla and wearing the Court's watches.
1:01:56
Speaker 6: So yeah, it wasn't It wasn't as much of a
1:01:58
Speaker 6: statement about luxury and spending money, but more that, I
1:02:03
Speaker 6: think authenticity is important. And if you find yourself doing
1:02:06
Speaker 6: something just because it's the conventional wisdom and it's not
1:02:12
Speaker 6: making you happy, then you're probably doing the wrong thing.
1:02:16
Speaker 2: Well glad, thank you for your time. Appreciate it.
1:02:19
Speaker 5: Thank you always pleasure.
1:02:21
Speaker 4: Appreciate you having us man, Thank you you have it? Erners,
1:02:24
Speaker 4: what's up?
1:02:25
Speaker 1: You ever walk into a small business and everything just
1:02:27
Speaker 1: works like the checkout is fast, or seats are digital,
1:02:31
Speaker 1: tipping is a breeze and you're out the door before
1:02:34
Speaker 1: the line even builds Odds are they're using Square. We
1:02:38
Speaker 1: love supporting businesses that run on Square because it just
1:02:41
Speaker 1: feels seamless. Whether it's a local coffee shop, a vendor
1:02:44
Speaker 1: at a pop up market, or even one of our
1:02:47
Speaker 1: merch partners. Square makes it easy for them to take payments,
1:02:50
Speaker 1: manage inventory, and run their business with confidence, all from
1:02:54
Speaker 1: one simple system. One of the things we love most
1:02:57
Speaker 1: is seeing neighborhood businesses level up. Business West Indian spired
1:03:01
Speaker 1: writing our community that started with a small takeout counter.
1:03:04
Speaker 1: Now with Square they've been able to expand into a
1:03:07
Speaker 1: full sit down restaurant and even started catering events across
1:03:11
Speaker 1: the city. That's the kind of growth that inspires us,
1:03:14
Speaker 1: and it's powered by Square. Square is built for all
1:03:17
Speaker 1: types of businesses, from the corner bagel shop that turned
1:03:20
Speaker 1: into a local chain, to the specialty market with thousands
1:03:24
Speaker 1: of unique items, to the stylist who's been holding you
1:03:27
Speaker 1: down for years. If you're a business owner or even
1:03:30
Speaker 1: just thinking about launching something soon, Square is hands down
1:03:33
Speaker 1: one of the best tools out there to help you start,
1:03:36
Speaker 1: run and grow. It's not just about payments, it's about
1:03:40
Speaker 1: giving you time back so you can focus.
1:03:42
Speaker 4: On what matters most Ready.
1:03:44
Speaker 1: To see how Square can transform your business, visit Square
1:03:47
Speaker 1: dot com backslash, go backslash eyl to learn more that
1:03:52
Speaker 1: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.
1:03:57
Speaker 1: Let Square handle the back end so you can keep
1:04:00
Speaker 1: pushing your vision forward