Robinhood CEO Vlad Tenev might be one of the crucial talked about individuals on the planet proper now, with the Robinhood CEO speaking with CNBC on Thursday evening about all-things Robinhood.
The corporate restricted buying and selling of shares like GameStop and AMC Leisure, with Robinhood solely permitting promote positions and never letting individuals open new ones. Robinhood CEO Vlad Tenev defined to CNBC: “So as to shield the agency and shield our prospects we needed to restrict shopping for in these shares“.
Tenev added: “Robinhood is a brokerage agency, we’ve got a number of monetary necessities. Now we have SEC internet capital necessities and clearing home deposits. In order that’s cash that we’ve got to deposit at numerous clearing homes. A few of these necessities fluctuate fairly a bit based mostly on volatility available in the market and they are often substantial within the present setting the place there’s lots of volatility and lots of concentrated exercise in these names which were going viral on social media“.
Judging by how pissed off persons are, I do not suppose that is the kind of response they had been in search of.
I believe this tweet from Daniel Schwartzkopff, Founder @ Invictus Capital who stated: “How is shutting down one facet of an orderbook not market manipulation?“
And really, the reply to Schwartzkopff’s tweet was from Lindsey Yeauger who added “That interview was so painful. So many questions went unanswered. 1. Why are we simply now listening to from him? 2. Since there was a transparent liquidity problem, why not say, “For the close to future these few shares may have charges.”? 3. When is the board changing him?“