CEO Vlad Tenev at GameStop hearing: Two percent of Robinhood customers borrow at margin

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[mseker]

Yes or NO? Vlad: I had the same haircut when I was a little boy in Bulgaria.

[rocapbg]

As a young boy in Bulgaria I wouldn't manipulate the stock market to give money to the rich.

[lukedziuball]

So they were short liquidity, but only 2% of customers borrow on margin...hmmm

WHAT MAKES SENSE IS: Hedge Funds are the biggest shareholders and customers, and thus when trading wasn't going with their trend, they demanded longs get short... Just as with rating agencies and mortgage backed securities, but one layer deeper.

[NSaNelydangerous]

"We are more restrictive than our competitors because to be able to borrow on margin on Robinhood, you have to pay $5 a month". Ah, yes. Five bucks. Crazy restrictions.

[obaidbaig]

They need to do a Saturday night live skit about this guy

[khaleelmusleh]

Simple: Market Makers called Vlad, "Hey Vlad, We are increasing the Margin requirement on Gamestop, AMC to 300%", they had to stop the buying option on gamestop, then raise capital for the new margin requirements, then market makers made all the money they want on the dump of the stock. WHO LOST HERE, WE DID

[HamptonCollabs]

this guy looks like the corporate version of robinhood with that hair

[SwoopENT]

Vlad Tenev is the Sherriff of Nottingham.

[jonathanlavergne]

This guy meeks doesn't want poor people to trade

[mikesweeney]

So what was wrong with a cash buying market at the time Robinhood suspended buying? I understand margin issues being a strain...But even that is considered a whopper of deviance. Fears of collapsing Wall St on a couple of stocks??? Imagine 10-20 stocks being Short-squeezed at the same time, and the realization of fake shares floating around that are borrowed and borrowed on in multiples. Hedge funds created that, not retail investors, yet the SEC seems to be looking out for their interests and snooping on social media at the little people. What gives???

[trixymontecarlo]

Vlad is a sweettalker talking like he cares for his customers and how he makes his company successful but bottomline there is something that needs to be revealed!

[nebojsa]

It is very simple. Forget about all this talk. Somebody set him up and his Robin Hood app. Big guys are afraid of free trading. You see, current players are merging. Charles Schwab will buy TD Ameritrade. There is one more merger, I forgot the names but it is big. They are afraid of guys like him. Free free free is not in their vocabulary. TD Ameritrade and others were charging big for decades and now it comes the time of free trading and they found the way to set him up (with help of government ;-)

[oliverwagunaere]

Bro what is that haircut? C'mon...

[NickByers-ogcx]

Hmm, if what he says is true it sounds like they had liquidity but were anticipating GME to rise much more dramatically ie Black Swan