Rapid Response: Robinhood confronts a GameStop sequel, w/CEO Vlad Tenev

Masters of Scale

WaitWhat

Entrepreneurship, Business, Management, Reid Hoffman, Mindset, Diversity & Inclusion, Jeff Berman, Bob Safian, Startups

4.6 • 4.4K Ratings

🗓️ 28 May 2024

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

How will the return of meme stocks like GameStop and day trading influencers like Roaring Kitty alter the fintech landscape? Robinhood’s co-founder and CEO Vlad Tenev, who was a lightning rod for controversy when meme stocks first surged in 2021, joins Rapid Response to explain what’s the same and what’s different this time around. Tenev also shares how his family’s struggles in 1990s Bulgaria shapes his view of the U.S. financial markets today, and whether trading on Robinhood is like using a sports gambling app.

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Transcript

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0:00.0	Hey everyone it's Bob Safian host of rapid response.
0:03.7	Select episodes of rapid response will be shared on this feed
0:07.4	only for the next few weeks.
0:09.2	So you don't miss any of the fun,
0:11.2	click over to rapid Response now and subscribe.
0:14.5	Along with this current episode with the CEO of Robin Hood,
0:18.2	you'll hear our episode this Friday on the longevity obsession
0:21.6	that's sweeping health clubs nationwide. See on the health clubs nationwide.
0:24.0	See on the other side.
0:26.0	To begin today's episode,
0:28.0	I need to take you back to early 2021.
0:32.0	The stock that everybody's talking about right now, it's Game Stop.
0:35.0	Game Stop. Game Stop. Game Stop.
0:38.0	Game Stop. Creating more than $2 billion in wealth for its biggest shareholders just over the past couple weeks.
0:45.1	Several large hedge funds were severely wounded in the process. The weapon of choice for these new
0:50.1	traders are platforms like Robin Hood that have become popular during the pandemic. My guest today is Robin Hood CEO, Vlad Tenev, who became a key figure in the Game Stop craze. Game Stop was a failing
1:16.8	retailer as you may remember suffering as hedge funds bet against it and Reddit users who were eager to take on the rich and powerful
1:24.3	flocked to buy shares largely on Robin Hood causing GameStop stock to surge. The
1:31.5	craze spread to other so-called meme stocks, Robin Hood's systems got overwhelmed,
1:36.2	they moved to restrict trading, and the Reddit crowd got angry.
1:40.0	Vlad found himself testifying in Congress apologizing for the mess.
1:44.0	Since then, Robin Hood made it through that fire and went public,
	...

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