CNN's Chris Cuomo speaks with Vlad Tenev, CEO of the stock-trading app Robinhood, after the company barred traders from buying shares of GameStop promoted by WallStreetBets, a popular subreddit for investors.
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Robinhood has stopped the buying of a particular stock, but not the selling. This is what market manipulation actually looks like.
They’re going to get fucked into the stratosphere for that decision. Their insurance wont even cover the promissory estoppel payout.
@Diehard Christmas Movie Yes and no. Many of the more sophisticated trading apps require a clearing period before you can trade with their brokerage. Normally 3 to 5 business days. In the current market, that’s a very long time.
@Diehard Christmas Movie Most brokers were told by their Clearinghouses to stop buying on the listed stocks. Whether you were on TD America, Webulll, Robinhood, Cashapp… etc… chances are you were going to deal with some sort of restriction on the purchase of those stocks.
Also, these apps are you making purchases and sales through the stock market. it typically takes 1-2 days just to get an application approved and then you have to transfer your portfolio, set up an account and then move money into it. If they’re like robinhood, they’ll let you have a small line of credit while your deposit transfers in. This all takes time and with stocks like the shorted ones people were trying to buy, time is of the essence. It took just a few hours for GameStop to go from 60-90 to well over $200.
@Arvin Choi I saw on the news today that Robinhood’s terms of service statement (that’s like 10 pages long) says they may stop buying and selling of stocks at any time for any reason or no reason at all. Looks like they had themselves covered in their terms of service. I don’t trust any app… they are all shady, and they spy on everybody. Millennials and Zoomers are far too trusting of the internet. I guess because they grew up with it and assume it’s all honest on the wild wild web. It’s anything but.
I am pretty sure they allowed you to close positions but not open new positions. That’s not the same thing as what you said.
He’s lying. Even his eyebrows are trying to run off his face.
@Brooke Baldvag Exactly!!!!
He should not play poker he has way too many tells. A specialist should review this video and pick him apart.
I m glad this happened , Robinhood showed its true colors . Next time we will be more prepared
🤣🤣🤣🤣
🤣 You guys are hilarious
Damn, Roasted hard by Cuomo
@Mathew Sakwa fredo , its clear invests heavily in what lefties hate. investment in america. he lost his shirt. or at least a sleeve. he doesnt like he got robbed by his own kind.
what blows my mind is the transfer of education from the north to the south. and the liberal to the conservative. the dipshits clearly reside in the north and cling to their godless mindless humbuggery of the dnc.
@Waldo Landorf imagine openly admitting to being a Chris cuomo fan 😬
@Collin 02456 Unlike Hannity he actually deals in facts and reality.
@Adam Taylor have you heard him speak? He’s an embarrassment.
The app should be called “Robin.”
He’s robin everyone.
“Robin the hood”
Now that funny
or Rob’n
Wowow what an appropriate name for the app
RobbingHood 🤣
Just look at his tone of voice and body language. Does that seem like someone telling the truth and nothing but the truth? Looks to me like a guy who’s forced to tell a lie on National Tv with a rushly prepped script. His mind is scrambling.
Plot twist: This time Robinhood is robbin’ the hood.
I thought the same. I’m surprised no one came up with this clever pun earlier.
“These financial requirements.” What financial requirements? He is flat out lying.
He’s not even doing a good job at lying
they call that doublespeak,
it’s like lying
What he did so poorly, was that Citidel (I think they process like 95% of these transactions on the backend), due to the volatile nature of GameStop, moved the normally under 5% advance to 100% – It appears Robin Hood was concerned with the total value of the money to advance for the BUY orders or it would have made them insolvent. To Sell, no advance was required (deposit). He seemed to be avoiding these facts, potentially, because he may feel that investors are more forgiving for the appearance of ‘protecting the big guy’, then not having enough cash to cover these buy orders.
@Drone_Video finally someone properly assessed the situation
@Ryan Diederich There is a good interview by Anthony Denier, CEO of Webull that I felt was very good and felt legit. The real truth is likely a few different factors played roles in different ways. At the end of the day, it started a conversation and people are pulling up the covers to see whats there. This is a win.
He went against everything Robinhood stood for, how disappointing. I sold everything and I’ll begin to use another Broker Monday.
Webull didn’t limit stock purchases and its free like rb.
it did so limit
WeBull did limite syocks along with every other broker (except fidelity I think), but they reversed course before immediately because an offered an apology explaining they wouldn’t restrict the free market. Notice how you don’t here about charles Schwab or td ameritrade in the news like you should. Robinhood is set to take the fall so we don’t look past them to NYSE or the market makers. Those are the real crooks, Robinhood is just the fall guy. It’s why google deleted 100,000 negative reviews and called them “bots”
This guy is lying. You can totally tell by his voice breaking up.
he has to, for the investors sake… the truth is the company just didnt have enough money
I usually don’t care for Cuomo, but he rocked this interview. Good hard-hitting questions.
exactly. even as a diehard republican who despises cnn i can say cuomo mopped the floor with this guy
@yung tooli it’s funny, I was watching Tucker on same topic, and basically said I absolutely can’t stand fox news, especially Tucker, but he delivered this time. I am glad this situation is being seen for what it is without politics being involved.
@Buttonz ! it’s a “news network” not a comedy show.
Same here, not a fan of him…but I give him respect for this one.
When Cuomo said “doing the opposite” Vlad took a big GULP already knowing he is exposed.
I went back and saw the gulp after I read your comment. Wow sign of a liar.
He is just reading script. Just look at his eyes when he is talking, he doesn’t even pause. But when Cuomo asked hard questions, he couldn’t even answer properly. Such a pathetic excuse Robinhood !! Shame on you. You didn’t save any retail investors !!
It’s like watching Joe Biden on a virtual interview.
Surprised it wasn’t mentioned that by stopping buys and only allowing sells the prices if these stocks are artificially deflated because the market gets scared and sells. Basically RH artificially killed demand in the name of “protecting” its users who were *HOLDING*. RH literally hurt its users.
Destroy them in court!!!
@I got hairy legs no Melania trump was the one who was terrible at reading tele prompts and still trying to seem human lol. Watching her speeches were hilarious.
1000000000000000000000000000000000% for sure. Make it sound legit. Keep it a little bit vague. CYA! His reason for shutting down buying had no measurable answer. Its was smoke. AND if it was too much trading, how come apple had more shares trade hands than GME and it wasnt shut down? Ummm yaaaa! Because Apple was not part of this “you kids are to sit in the corner, be quiet and don’t bother us adults”. BSSSSSSSSSSSSSSSSSSSSSSS
“Spokesperson for the individual investor.” You don’t speak for me, kiddo.
He thought Cuomo was gonna go soft on him. You could literally hear his tone and his facial expressions change when Cuomo pressed him.
He was never soft
@It’s BeYoND mE
Yeah, about that.
Maybe you didn’t see or ear about him interviewing his brother, when poor people were dying.
@WeAreIt
Sae it. We didn’t know until the report today.
You should worry about FL. The governor is fishy
@its beyond me, you mean the guy that is transparent? You mean the guy that opened his economy and is presiding over regular unemployment and half the deaths of NY while having an older population? So Cuomo lies and purposefully for months changes data on how many people he killed but DeSantis is fishy? Florida = economy open, schools open, half the deaths twice the jobs.
@woly john lmfao Florida is notoriously shady but alright
Robinhood CEO got a offer he couldn’t refuse.
Exactly. He thinks people are stupid, im sure he got a nice payday.
It’s hard to put a leash on a dog once you’ve put a crown on his head.
He chooses to be in the wrong side of the history.
Him: “we don’t wanna restrict buying”
Also him: *restricts buying*
“One of them OWNS a piece of you…” savage.