Robinhood c.e.o. vlad tenev is seat

robinhood c.e.o. vlad tenev is seat

The Bank of England has forecast that inflation will rise above 13% this fall, when energy bills are due to increase, and to “remain at very elevated levels throughout much of 2023.”

The Resolution Foundation, a think tank, said on Wednesday that it expects energy costs to drive consumer price inflation past 15% next year.

Wage rises are failing to keep up. Real pay for UK workers suffered its biggest drop in more than two decades between March and May, official data showed last month.

Britons have tightened their belts in response, spending less in supermarkets and ditching their streaming subscriptions.

On the radar: The fear is that as central banks raise borrowing costs to try to get inflation under control, people will begin to more aggressively limit their spending.

Vlad tenev: the kid who started robinhood, which takes from the poor and gives to the rich, is the son of 2 world bank employees.

Shares are down 46% so far in 2022, while the S&P 500 has fallen 13%.

The company played a key role in the early 2021 surge in meme stocks like GameStop that retail investors, armed with stimulus checks and increased unemployment payments, poured into. But the surge was short lived, and Robinhood reported a loss in monthly active users last quarter.

Early in April, Goldman Sachs downgraded the company to a sell from neutral, citing headwinds as investors disengage due to falling markets and waning Covid stimulus checks.

“We believe HOOD could continue to see higher levels of churn as these investors leverage their smaller dollar account sizes for everyday spending,” Goldman analysts wrote.

Robinhood tends to appeal to new investors, with average account sizes around $4,000.

You can’t make that stuff up!

And I know you do because you’re impressed by that photo and its literally just a piece of clip art I found when I searched for “investment banker” and “Christian Herzog” is a name I made up out of nowhere.

But I get the feeling that even if they rolled in the clip art guy to the CEO suite at Robinhood looking like this, the stock would re-rate higher. Robinhood shareholders at least deserve someone who looks like they have their shit together while they torpedo the company.
With Vlad at the helm, people take one look at the GameStop clusterfuck and a photo of him and say: “Yeah, what did you expect?”

Forget about the new products Robinhood is aspiring to launch (I think they are all good ideas, for the most part), but the company needs an immediate shift in optics even before its shift in financials.

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By Julia Horowitz, CNN Business

Robinhood got off to a rocky start when it made its Wall Street debut one year ago, but hopes for the buzzy trading app were high as armchair investors piled into the market hoping to mint quick fortunes.

The stock market was booming, and monthly active users more than doubled year-over-year, topping 21 million. The number of people trading crypto leaped as dogecoin, the digital coin that started as a joke, rocketed into the stratosphere.
The retail trading army was flexing its muscle, and Robinhood was poised to cash in.

Fast forward 12 months, and the picture looks very different. Robinhood is slashing hundreds of jobs as inflation and recession fears send stock and crypto prices plunging back down to Earth.

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On Thursday, billionaire Li Ka-shing’s CK Group announced that it had entered into negotiations to sell its less-than-4% stake in AMTD Digital’s parent company — a sign he doesn’t want to be left holding the bag when the bubble pops.

Bank of England announces biggest rate hike in decades

Central bankers in the United Kingdom have announced the biggest increase in interest rates in 27 years, as spiraling inflation continues to cripple millions of households’ finances.

This just in: The Bank of England raised the cost of borrowing by half a percentage point to 1.75% — the sixth time the central bank has hiked rates since December, my CNN Business colleague Anna Cooban reports.

In June, annual consumer price increased 9.4%, a four-decade high.

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More than the financials, I am keeping a close eye on sentiment, which could really cause an outflow of customer accounts from the name and put the business under pressure, run-on-the-bank style. We’re not there yet – and Robinhood needs to get moving on several things immediately to prevent it:

  1. I am encouraged that they are rolling out crypto wallets.

    They will be able to rip big margins on crypto like Coinbase does and they will become a destination for sending and receiving crypto, as opposed to just buying and selling it. This will increase their user footprint, assuming they get their roll out done in Q1, as expected (or at least before Coinbase moves into equities)

  2. I like the idea of expanding into tax advantaged and retirement accounts.
    I think that names like Fidelity, et.

Ukraine risking another chernobyl

What did I miss?”

AMTD Digital said this week that to its knowledge, nothing “material” has changed since its public offering that would have caused the “significant volatility.”

Important caveat: It’s not yet clear exactly what sparked the huge rally. But the run-up is a reminder of the extent to which outsize moves for single stocks have become the norm in the era of Reddit traders, putting the broader investor community on alert for sudden distortions.

Once a stock goes supernova, investors of all stripes now spring into action.

AMTD’s parent company was the No. 1 trade on Fidelity’s platform on Tuesday.

Holy moly!!! russia just said the dnc and big pharma are intentionally causing pandemics to win elections…..

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These positions can change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog.

I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I get shit wrong a lot.

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Monthly active users in June fell to 14 million as “customers navigated the volatile market environment.”

“For our customers, many of whom are younger, it looks like they may be facing a recession for the first time in their adult lives,” CEO Vlad Tenev said on a call with analysts Wednesday. “Customers are seeing this high inflation along with high interest rates, bear markets [in] stocks and a crypto winter.”

“This all adds up to less money to spend and therefore, less to save and invest,” he continued.

Robinhood’s stock rose nearly 12% on Wednesday after it announced the cost-cutting measures and reported a net loss of $295 million, smaller than in the first quarter.

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Shares are still down more than 40% year-to-date.

That said: Retail investors remain a powerful force that Wall Street is watching closely — as evidenced this week by the dramatic run-up of stock in AMTD Digital, a little-known company.

Shares of the Hong Kong-based company have rallied 14,000% since their public market debut less than a month ago. They were 126% higher on Tuesday alone, before pulling back sharply on Wednesday.

That sparked speculation that traders coordinating on social media were involved in christening another meme stock.

“Where did AMTD Digital come from,” one user on the Reddit forum WallStreetBets wrote.

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