Robinhood CEO Admits Business Boomed This Year Because Of The Fed's Stimulus Checks
|Moses Born Again in L.A. |
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10/28/2020 12:31 PM
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Brokerage houses - especially Robinhood - are seeing a BOOM during the pandemic as a result of the Fed sending out "free money" :B4BEN: to Unemployed U.S. citizens who then, instead of going out and looking for a job, sit at home and try to become Professional daytraders by Downloading the Robinhood app and pouring all of their cash into Tesla call options.
On Tuesday of this week, Robinhood Co-Founder and Co-CEO Vlad Tenev sat down with Aaron Ross-Sorkin for an exclusive interview to talk all things "state of the union" with both the markets, and the Robinhood app. During the interview, he seemed to confirm that the Fed has been a major tailwind for the company.
When Aaron Ross-Sorkin asked him about the idea of "gamifying investing" and Lee Cooperman's assessment that the Fed stimulus checks would "end in tears", Tenev responded by recognizing the effect of the Fed's measures as "an opportunity for investors".
Tenev then admitted that Robinhood was literally watching users deposit their stimulus checks: "We saw an impact of people depositing their stimulus checks into Robinhood. We saw, you know, deposits that were equal to or multiples of the stimulus amount."
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