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☆ Americans are getting ‘ripped off’ by big banks, Robinhood CEO says
▼ + stars: | 2023-11-15 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Robinhood is trying hard to lure customers fed up with traditional banks that pay little to no interest on savings. To attract deposits, the stock trading app made famous by the GameStop craze is offering fatter and fatter interest rates. That’s far higher than traditional banks and among the highest in the industry. We see an opportunity to correct that,”Tenev argued this has long been part of the “playbook” of traditional banks. The Robinhood rate of 5% applies to new and existing customers of Robinhood Gold, a subscription service that costs $5 a month.

Persons: New York CNN — Robinhood, ”, Vlad Tenev, ” Tenev, Robinhood, Roth, “, Tenev, We’re Organizations: New, New York CNN, GameStop, CNN, Federal Reserve, American Bankers Association, Bank, AMC, of America, ” Bank of America Locations: New York

☆ Robinhood No Longer Looks Like a Steal
▼ + stars: | 2023-11-08 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Robinhood gained millions of users during the GameStop craze. But many have left as interest rates have gone up. CEO Vlad Tenev is now focused on growing Robinhood into more than just a trading app. Photo Illustration: Adam FalkRobinhood Markets may be building the brokerage of the future—and maybe it always will be. One big factor: The revenue momentum from higher interest rates is petering out.

Persons: Robinhood, Vlad Tenev, Adam Falk Robinhood Organizations: GameStop

☆ Robinhood drops 14% after reporting big declines in trading volume and revenue
▼ + stars: | 2023-11-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Shares of Robinhood fell Wednesday after the retail brokerage reported a drop in trading volumes in the last quarter and said it's looking to expand growth in Europe. Robinhood also reported fewer monthly active users, which fell 16% to 10.3 million in the third quarter from the same period last year. Although third-quarter revenue rose 29% to $467 million, it fell short of the $480 million analysts were predicting. Revenue was hurt by a 13% decline in third-quarter transaction revenue tied to stock trading, compared with the same period last year. The drop in trading coincides with rising treasury yields –with the 10-year Treasury yield topping 5% just last month – that have been weighing on equities.

Persons: Robinhood, Crypto, we've, Vlad Tenev Organizations: Treasury Locations: Robinhood, Europe

☆ With China playing catchup with the U.S., these 3 charts show the top countries for fintech in 2023
▼ + stars: | 2023-10-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

UK has second-biggest number of top fintech firmsThe U.S. was home to 65 of the top fintech companies, according to CNBC's list of world's top 200 fintech companies. In the U.S., some of the top global fintech companies on Statista's list include names like Stripe, PayPal and Intuit . Stateside, meanwhile, the largest fintech unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion). Other leading ecosystems for fintech unicorns include India, on 17 unicorns, and China, on eight. Standing in 8th place is Mexico, with five fintech unicorns, Singapore, also with five, and the Netherlands, which has four in total.

Persons: Ed Jones, Starling, Tencent, Statista, Andreessen Horowitz, Wise, Vlad Tenev, Group's, —, Nick Parmenter Organizations: AFP, Getty, CNBC, Statista, Ant Group, Plaid, Visa, Mastercard, European Union, Apple, Google, Sequoia Capital, PayPal, Intuit, Financial, Authority, Consumers Locations: U.S, Beijing, China, Silicon, Europe, Ukraine, Covid, India, France, Brazil, Germany, Mexico, Singapore, Netherlands, Statista

☆ Watch CNBC's full extended interview with Robinhood CEO Vlad Tenev on AI, credit cards and more
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full extended interview with Robinhood CEO Vlad Tenev on AI, credit cards and moreCNBC's Kate Rooney sits down with Robinhood CEO Vlad Tenev to discuss the fintech company's outlook for the next 10 years, how it plans to adapt to a changing stock market, and the release of the movie "Dumb Money", a fictional retelling of the GameStop retail trading saga.

Persons: Vlad Tenev, Kate Rooney Organizations: GameStop

☆ Robinhood CEO Vlad Tenev on credit cards: This is an industry waiting to be disrupted
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRobinhood CEO Vlad Tenev on credit cards: This is an industry waiting to be disruptedVlad Tenev, Robinhood co-founder and CEO, joins 'Power Lunch' to discuss the slowdown of retail investors, the outlook for Robinhood, and more.

Persons: Vlad Tenev, Robinhood

☆ Robinhood is cutting jobs, reorganizing teams, and focusing on credit cards to solve a shrinking user base, insiders say
▼ + stars: | 2023-09-21 | by ( Ashley Stewart | Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

Robinhood is laying off more employees and reorganizing teams as part of a new focus on credit cards as the company tries to mitigate a shrinking user base, insiders say. In June, Robinhood announced plans to acquire no-fee credit card startup X1 for $95 million. Credit cards are much higher-margin products than stock-trading and generally less exposed to volatile markets. X1 and Robinhood's future in credit cards were the focus of the company's last all-employee meeting, the person said. The layoff was widely reported, but audio of an all-hands meeting reviewed by Insider recently showed ongoing cuts have been deeper .

Persons: Robinhood, we've, Vlad Tenev, Tenev Organizations: Robinhood, JPMorgan, Menlo, Say Technologies, TechCrunch Locations: , California

☆ U.S. vs. China: The Race to Build Hypersonic Missiles
▼ + stars: | 2023-09-15 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Can Robinhood Reinvent Investing Again? CEO Vlad Tenev Is Betting on It. Robinhood gained millions of users during the GameStop craze. CEO Vlad Tenev is now focused on growing Robinhood into more than just a trading app. WSJ sat down with him to hear his plans.

Persons: Vlad Tenev, Robinhood, Adam Falk Organizations: GameStop

☆ Can Robinhood Reinvent Investing Again? CEO Vlad Tenev Is Betting on It.
▼ + stars: | 2023-09-15 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

These Tiny Scottish Islands Are Betting Big on Wind as Oil Dries Up For 50 years, the Shetland Islands in the North Sea have relied on nearby oil resources to keep their economy humming. Now, as oil fields dry up, this tiny U.K. archipelago is shifting to offshore and onshore wind farms to power its economy. Photo: William Edwards/AFP

Persons: William Edwards Locations: Shetland

☆ Get nearly 5% on your idle cash at this brokerage firm
▼ + stars: | 2023-08-04 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

If you're hoping to earn a return on cash that's merely sitting in your investment account, a handful of brokerage firms have sweetened the yields on your idle dollars. Whether you're buying short-term Treasurys or locking money into a certificate of deposit, you stand to make money on your cash. Robinhood Gold, a subscription service for retail investors, is now paying an annual percentage yield of 4.9% on money in cash sweep accounts. Cash sweep balances in Robinhood Gold have grown to $11 billion, more than doubling since the beginning of the year. Other firms hike their yields on cash as they aim to attract more deposits, which seems to be the case at Robinhood. "

Persons: we've, Vlad Tenev, IBKR, HOOD, Craig Siegenthaler, — CNBC's Michael Bloom Organizations: Federal Reserve, Fidelity, Vanguard, Bank of America, LPL, Interactive Brokers

☆ Robinhood swaps meme-green tights for duller look
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

Robinhood logo is seen on a smartphone in front of a displayed stock graph in this illustration taken, July 2, 2021. REUTERS/Dado Ruvic/NEW YORK, Aug 3 (Reuters Breakingviews) - Robinhood Markets (HOOD.O) is looking more grown-up - and more boring. The problem: Users are still fleeing, and nearly half of revenue comes from interest that is destined to fade. Robinhood warned last quarter that a 100 basis-point drop in interest rates would lead to a hit equivalent to an 11% fall in revenue. When the Federal Reserve eventually turns to cutting rates, Robinhood will need more users to fill that hole.

Persons: Dado Ruvic, Vlad Tenev, ” That’s, Robinhood, Ben Winck, Jonathan Guilford, Sharon Lam Organizations: REUTERS, Reuters, Stock, Federal Reserve, Twitter, Adidas, InBev, Thomson

☆ Stocks making the biggest moves after hours: PayPal, Robinhood, Qualcomm, Clorox, DoorDash and more
▼ + stars: | 2023-08-02 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The company is calling for revenue ranging between $610 million and $645 million, while analysts called for $632 million, per Refinitiv. Qualcomm posted $8.44 billion in adjusted revenue, while analysts polled by Refinitiv forecast $8.5 billion. Zillow forecasts revenue of $458 million to $486 million, while analysts polled by FactSet are calling for revenue of $488.1 million. The company reported revenue of $494 million in the second quarter, while analysts polled by Refinitiv anticipated $473 million. The company posted $533 million in revenue, while analysts polled by Refinitiv sought $518 million.

Persons: Vlad Tenev, Baiju Bhatt, Etsy, DoorDash, FactSet, Qorvo, Refinitiv, Tripadvisor, Darla Mercado Organizations: Refinitiv, Qualcomm —, Qualcomm, MGM Resorts, MGM, PayPal, Refinitiv . Revenue, Unity Locations: New York City

☆ A.I. and crypto are in focus at the annual gathering of the Wall Street trading community
▼ + stars: | 2023-06-07 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

It's time for the annual gathering of the trading community. Here's a rundown of some of the hot topics: Crypto in focus: SEC Chair Gary Gensler will be speaking at noon on Thursday. Electronic trading changed the trading world 30 years ago, is AI poised to do the same? Two pioneers of electronic trading, Virtu Financial founder Vinnie Viola and Peterffy, will be speaking at noon today, reflecting on the past and future of trading and will certainly be asked about the role AI will play in future trading. Tradeweb CEO Billy Hult and MarketAxess CEO Chris Concannon will discuss the growth in Treasury trading and the increasing electronification of the bond market.

Persons: I'm, Piper Sandler, Gary Gensler, Gensler, Binance, Michael Novogratz, Jean, Marie Mognetti, Vlad Tenev, Doug Cifu, Thomas Peterffy, Vinnie Viola, Peterffy, Ed Tilly, Terry Duffy, Billy Hult, Chris Concannon, Rich Repetto's, Rich Repetto Organizations: Piper, Piper Sandler Global Exchange, New York City, NYSE, Nasdaq, Cboe, London Stock Exchange, SEC, Galaxy Digital, Virtu, Global, Treasury, CME, Citadel, CNBC PRO Locations: New York

☆ Wall Street's succession summer
▼ + stars: | 2023-05-30 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

But first, it's the summer of succession — and no, we're not talking about the TV show. Wall Street CEOs pretend that succession planning is another chore, like hashing out the annual budget or organizing an earnings call. But behind the boring press announcing their succession plans is often a story of intrigue and drama. And then, of course, there's Jamie Dimon, Wall Street's longest-serving CEO. Earlier this week, Insider highlighted 17 young analysts poised to shine.

☆ Recasting the upcoming GameStop movie: Here's who should play Ken Griffin, Steve Cohen, and the rest of the gang
▼ + stars: | 2023-04-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Wall Street is getting the Hollywood treatment again. - Paul Giamatti as AMC's Adam Aron (This guy knows his way around Wall Street.) For more on the upcoming GameStop movie, including who is set to play the "pot-smoking retail trader," click here. Here's why the rest of Wall Street might be motivated to help First Republic. Meet the new generation of the ultra-rich on Wall Street.

☆ Robinhood’s stock awards tell a cautionary fable
▼ + stars: | 2023-02-22 | by ( John Foley | ) www.reuters.com time to read: +7 min

The now-abandoned payouts to Tenev and Bhatt were a slab of “market-based restricted stock units” distributed ahead of Robinhood’s initial public offering in July 2021. The system works in reverse, too, however: When executives give back stock awards, the company gains nothing in cash terms. U.S. accounting rules treat stock awards geared to a company’s stock price as a gift that cannot be returned. In short, by handing back their awards, Robinhood’s founders have neither robbed from themselves, nor given to anyone else. Even without this unhappy effect on earnings, shareholders should be wary of the kinds of awards Robinhood doled out at its public company debut.

It came after Amazon said in November it was looking to cut staff, including in its devices and recruiting organizations. The company had 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off. In a letter to employees, CEO Logan Green and President John Zimmer pointed to "a probable recession sometime in the next year" and rising ride-share insurance costs. Shopify: 1,000 jobs cutIn July, Shopify announced it laid off 1,000 employees, which equals 10% of its global workforce. Tesla: 6,000 jobs cut

☆ Sam Bankman-Fried's $470 million Robinhood stake is set to be seized by US authorities, attorney says
▼ + stars: | 2023-01-05 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's Robinhood shares are set to be seized by US authorities, an attorney said Wednesday. Bankman-Fried, FTX's new bosses, bankrupt crypto lender BlockFi and FTX creditor Yonatan Ben Shimon have all laid claim to the Robinhood stake, per a December 22 court filing. Bankman-Fried disclosed a 7.6% stake in Robinhood in May, acquiring 56.3 million shares in the trading platform for $648 million through an Antigua-based holding company called Emergent Fidelity Technologies. Robinhood shares traded at $8.36 as of Wednesday's closing bell – meaning that Emergent's position is now worth just over $470 million. Read more: Sam Bankman-Fried is facing off against FTX's new bosses in a 4-way battle for $450 million of Robinhood shares

The Justice Department said Wednesday that has moved to seize millions of shares of Robinhood, the popular stock-trading app, whose ownership is disputed by several parties, including Bankman-Fried himself, his bankrupt crypto exchange FTX and another bankrupt crypto company. Four separate entities have laid claim to the approximately 56 million shares, worth about $460 million. That company, Emergent Fidelity Technologies, borrowed more than $546 million from crypto hedge fund Alameda Research, according to an affidavit Bankman-Fried filed in December. Also claiming the Robinhood shares are bankrupt crypto lender BlockFi and an individual FTX creditor. As of December 31, roughly $150 million of Silvergate’s deposits were from customers that have filed for bankruptcy.

☆ Sam Bankman-Fried borrowed $546 million from his hedge fund to buy a Robinhood stake
▼ + stars: | 2022-12-28 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

In an affidavit that emerged Tuesday, Bankman-Fried said he and FTX co-founder Gary Wang borrowed more than $546 million from the hedge fund, Alameda Research, which they used to purchase the Robinhood shares via a holding company primarily controlled by Bankman-Fried. Wang has since pleaded guilty to four counts of fraud and conspiracy, in cooperation with US prosecutors investigating FTX’s collapse. Four separate entities have laid claim to the approximately 56 million shares, worth about $450 million. Also claiming the Robinhood shares are bankrupt crypto lender BlockFi, and an individual FTX creditor. BlockFi is suing Bankman-Fried for the Robinhood shares, which BlockFi claims it is owed after Alameda defaulted on $680 million in collateralized loan obligations.

☆ How bots are being deployed inside banks after a pandemic boom in fraud
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: 1 min

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☆ Robinhood CEO Vlad Tenev on launching retirement accounts with a 1% match
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRobinhood CEO Vlad Tenev on launching retirement accounts with a 1% matchRobinhood CEO Vlad Tenev joins CNBC's 'Squawk Box' to discuss the company's new retirement product and weighs in on the collapse of crypto exchange FTX.

☆ Watch CNBC's full interview with Robinhood CEO Vlad Tenev on new retirement offering, FTX collapse
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Robinhood CEO Vlad Tenev on new retirement offering, FTX collapseRobinhood CEO Vlad Tenev joins CNBC's 'Squawk Box' to discuss the company's new retirement product and weighs in on the collapse of crypto exchange FTX. "Crypto is here to stay, and this is one player that has had an unfortunate failure," Tenev tells CNBC.

☆ Sam Bankman-Fried's Robinhood stake is tied up in FTX bankruptcy proceedings, CEO Tenev says
▼ + stars: | 2022-12-06 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Robinhood Markets, Inc. CEO and co-founder Vlad Tenev and co-founder Baiju Bhatt pose with Robinhood signage on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. Robinhood Markets CEO Vlad Tenev said Tuesday he's unclear what Sam Bankman-Fried, the disgraced former CEO of FTX, is going to do with his 7.6% stake in his trading app. In May, Bankman-Fried took a 7.6% stake in Robinhood worth $648 million in the belief that the shares "represent an attractive investment." As FTX spiraled into bankruptcy, Bankman-Fried's Robinhood stake became the biggest liquid line item on his balance sheet that he could potentially sell. The Robinhood CEO said he's still bullish on cryptocurrencies despite the FTX collapse.

☆ Robinhood is pivoting to retirement accounts as novice traders shun the get-rich-quick appeal of meme stocks
▼ + stars: | 2022-12-06 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Robinhood announced plans to add retirement accounts for customers on Tuesday. The move comes as Robinhood faces a slump in retail trading activity. The retail trading platform popular with meme-stock enthusiasts launched the waitlist for the product on Tuesday. The offering, dubbed Robinhood Retirement, will match 1% of what customers put it into their Roth or traditional IRAs on every eligible dollar. Robinhood offers crypto trading for user brokerage accounts, but will only allow equities and ETFs for its retirement account.

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