Turning now to a trending stock on the Yahoo finance platform today Robin Hood Shares Rising on record high Revenue Some attributing the rise to the runup That we saw in crypto and meme stocks Earlier this year here with some inside We have Robin Hood's CEO Vlad tanev Vlad Great to speak with you and grab some Time here I mean I imagine over the Course of this week with the sell-off we Had seen earlier then your own earnings You've probably oscillated from espresso Shots to maybe just you know ripping Celsius I don't I don't know but I Imagine it's been extremely busy for you So T thanks for taking the time first And foremost you know let's just start With what we've seen in the market Activity more broadly what goes through Your mind as the CEO of a trading Platform as large and as International As Robin Hood when you do see activity Like That the activity so far in August has Been large uh you know we we announced These quarter two results yesterday and In that earnings call we talked about July volumes being 20% higher than June Which was the last month of the last Quarter and August has been more of the Same and August is typically a pretty Quiet month for retail trading activity And we haven't seen that this year uh We've had 1 billion in net deposits in
The first week of August and the 13 Billion we had in Q2 was a record high For us uh just Monday Monday of this Week was about half a billion ion of net Deposits into the platform in one day And then 24hour Market which Robin Hood Uh was a Pioneer in which offers uh Overnight trading in over a thousand US Stocks uh that was 3x normal volume on Sunday so the the things that go through My mind are making sure that the system Is reliable and performant for customers On Monday the majority of the incumbent Brokerage competitors were having issues And those are opportunities for Robin Hood to distinguish ourselves because of Our technology and kind of position the Product as uh a reliable platform for People when when so many others are Having issues and I think U customers Should feel that they have advantages Using Robin Hood and they would be Disadvantaged by using another platform Which I think you start you're starting To see with 24-hour market we offer Opportunities that you can get at other Brokerages and also uh with reliability At the most uh the most important times Should should investors be bracing for More volatility given what we've seen in In the recent trading sessions here We've had a little bit of a a a Bounceback or an attempted bounceback But is there you know from and I know
That you used to be in high frequency Trading back in the day you know is There more that they should be bracing For well there there's a lot of Different types of Market participants Right uh traders who typically uh are More advanced and Robin Hood has had a Slew of active trading products Including options trading and and margin Uh equities and crypto those Traders uh Look at volatility as an opportunity Because they have sophisticated Strategies that they can employ when Markets are going down and sideways um For the more Buy and Hold investors Uh typically they're saving for Retirement and they have long-term time Horizons they tend to look at uh Opportunities like this to buy stock and Accumulate at discounted prices one of The things we've been seeing thus far in August is more buying than selling um And that's why we've been seeing so many Deposits uh our customers generally have Been seeing this as an opportunity to Add to their Positions you know it's it's really Interesting and some of the figures that You reported I mean at the same time That you've got Olympic athletes Competing for gold you you've got your Own gold subscribers as well right now That are continuing to uh show some Strength for the company reaching a new
High of 2 million I think that was up 61% year-over-year take us into how how You're looking to really capitalize on Some of the gold features and make sure That that is a direct pass through to Some of the the RP figure that average Revenue per user Yeah I mean what we're really seeing is The flywheel of Robin Hood gold spinning As we have more and more gold Subscribers we offer our gold Subscribers uh lower prices across all Of the products that are in gold and That leads to higher wallet share and Increased uh multi-product adoption one Stat that I use gold subscribers adopt Retirement at 5x the rate of non-old Subscribers and this leads to higher Arpo and increases our ability to lower Prices further and leads to the Diversified business you're seeing today We now have eight business lines that Are generating nine figures in annual Revenue so that's eight business lines At over a 100 million per year Robin Hood gold subscription being one of them And so uh and we believe we can add more We're going to continue to add more and So the the business is getting more Diversified over time as we're growing Each segment and I think that really Makes me optimistic about the Opportunity and that we're just at the Beginning of it and when you talk about
Those segments I mean you also just Recently went through two major Acquisitions in June you mentioned bit Stamp uh and then Additionally you had The acquisition for Pluto as well that Was more on the AI side as you think About these Acquisitions and how they Helped Define the era that Robin Hood is In right now you know how would you Define the era that this this company is Finding itself in and where growth is Firing at at perhaps the most popular Cylinder for where you're seeing users Come onto the Platform yeah well uh you know one one Of our analysts said yesterday Robin Hood is fire firing on all cylinders and Adding more cylinders which which I Rather liked I think uh I think that was Uh that was pretty clever um the era That really gave rise to Robin Hood was Mobile and Cloud those are two big Tech Technological shifts that allowed us to Carve out a niche in our business Because nobody had been really paying Attention to mobile um most of our Competitors I mean pretty much all the Big ones are brick and mortar you know They have stores they rely on people Rather than technology to expand and I Think that created the conditions for us To be successful by being a technology Company and offering lower prices than Our our peers and financial services now
There's another two technological shifts That are affect our space and those are Artificial intelligence and Cryptocurrency both of those have the Potential to completely reorganize how Financial services are delivered to Customers both on an infrastructure Level and the service level and we're Thinking about that every day and Positioning Robin Hood to be successful And a leader across both of these shifts Is there one that you would prefer Robin Hood to be known at excelling at the the Artificial intelligence side or the Crypto side as you had talked about lot Going into the the public debut for this Company well that's a tough question It's like asking me which of my two Children I find more beautiful uh I Think both are important and both are Inevitable to a certain extent uh so we Don't have to choose we already have uh You know a very large cryptocurrency Business in retail market share it's Been growing and it's kind of been a Dark hor uh in the space not a lot of People think of Robin Hood as a major Player but you know in retail crypto We're right up there in market share and We're continuing to grow and then Artificial intelligence um you know the The financial services industry hasn't Really embraced that and I think uh it's Incumbent on a technology company that
Started with that DNA of being Technology first to make sure that the Financial industry can navigate that TR Transition successfully and safely so I I think both are important it's hard to To pick between one of those two Technological shifts it's kind of like Asking you know what's more important Mobile or Cloud they're both happening So we have to make sure we're ready for It certainly we'll accept that all right I got a hustle to my finish here Vlad um First when you think about the softness In the IPO Market I mean this is a Feature that you had really worked on Bringing to the platform users here when You see softness in an IPO Market does That typically push some of the subscrib Some of the users over to just other Crowded trades that are already Happening Um that's a good question I mean uh I Haven't really thought too much about The link between uh IPO investing and Other trades um I would tell you that I Do think it should be a little bit Easier for companies to go public I mean If you look back in the 80s um you know Companies like apple and Microsoft went Public at relatively low valuations and What you're seeing now is uh companies You know getting most of the value Appreciation in private markets where They're only accessible to accredited
Investors and I I think that that needs To to be fixed I think the cost and the Burden of companies going public uh Needs to go down because it used to be That you know if you get to 100 million In Revenue that was kind of the moment At which uh you were sort of public Company ready but now that number's gone Much much higher and companies are Staying private longer and the Appreciation is uh not seen by retail Which which we think is a big problem And just lastly while we have you here Vlad the name of the show is wealth and For a lot of our viewers out there They're aspirational towards building Their own wealth being able to retain it And ultimately get to a stature like you Have as well you know if you had a Message to your younger self just about Making sure that you were building a Product that you could be proud of and That would help you amass but also Retain wealth over time you know what Would that message be to your earlier Self yeah well now now that I'm older And hopefully a little bit wiser you can See the the gray hairs on my beard um my Message would be that uh I think we tend To overestimate what we can do in the Time span of weeks and dramatically Underestimate what we can do uh over a Year or two and I I keep being surprised At this so um I think having that
Perspective you can you can start long Journeys and chip away at it Systematically over a time period of Many years and it's really about Figuring out what the smallest step that You can accomplish is and and just Making sure you make progress every day I think it's it's a lesson in life but Also in investing I think um we have we Have a lot of impatience in in how we Approach things in business uh generally And I I think having the perspective and Seeing a long time Horizon and and Seeing that play out uh I I think that's That's one thing that you gain from just Being around longer and and having that Wisdom so uh if if you can grock that I Think you're you're ahead of 95% of the People I don't see any Grays so uh You're doing good from our perspective Respective here Vlad Vlad tev who is the CEO of Robin Hood thanks so much for Taking the time all right thank you
