let s trade. [lights turning on] - you ever thinkabout trading stocks? [music playing] robinhood lets you tradestocks with zero commission. that s right,commission-free. - robinhood, making it easy for the average investorand stuff. so cool, you know,because granted, like nothing against charles schwabor any of these other ones, but they just look likemy father should be there, not me. - it couldn t be easierto make a trade using the robinhood app.i just bought some stock. [lights turning off] - the user interfaceis idiot proof. example a right here.it makes it fun, too. like when you putmoney in or you sell a stock, confetti falls.it feels you re at a casino. - this is the first timein history that somebody witha very small amount of money can go get involved in thestock market, however they want to. no account minimums.there s no commissions. you have absolutefreedom. you can get approvedfor stock options trading with $200in your account. that is unheard of beforethings like robinhoo
- this is the first timein history that somebody witha very small amount of money can go get involved in thestock market, however they want to. no account minimums.there s no commissions. you have absolutefreedom. you can get approvedfor stock options trading with $200in your account. that is unheard of beforethings like robinhood. - you want to know whatdisruption really looks like? well, you re looking at it.as of today, 10 million people have accounts at robinhood. reporter: the ceo ofrobinhood, vlad tenev. - vlad tenev. - vlad tenev, who s the coceoof robinhood. stock expert: in 90 days,they went from the 300 most downloaded app onthe app store to number one. - we believe that the morepeople that have access to the markets and can startinvesting earlier, the better offour economy will be. - so suddenly, instead oflooking at tiktok and youtube and instagram, people arelooking at robinhood s trading application. - i have a little bitof addictive personality. sober we can go there.it
- you want to know whatdisruption really looks like? well, you re looking at it.as of today, 10 million people have accounts at robinhood. reporter: the ceo ofrobinhood, vlad tenev. - vlad tenev. - vlad tenev, who s the coceoof robinhood. stock expert: in 90 days,they went from the 300 most downloaded app onthe app store to number one. - we believe that the morepeople that have access to the markets and can startinvesting earlier, the better offour economy will be. - so suddenly, instead oflooking at tiktok and youtube and instagram, people arelooking at robinhood s trading application. - i have a little bitof addictive personality. sober we can go there.it s not a secret. so it became, like, my fucking thing. chris garcia:you start making money, and all of a sudden,you start seeing your account just boom,boom, boom, boom, boom. and you get hooked,real quick and real fast. - it did feel a little bitlike a game. and again, i m a gamer. and when i started withrobinhood, the first stock
multiple thousands.as you can imagine, that pisseda lot of people off. - there s going to bea big fuck you that you can t stop this. it s coming.they want 1,000% worse. [interposing voices] - if you re interestedin pursuing a lawsuit against robinhood,td ameritrade. [interposing voices] i didn t hear one personon tv complaining about wall street tryingto crush gamestop. 140% short. matt kelly: my wife s like, we should just sell beforeclose of business on friday. we can always buy back inif it drops. the price is good right now.it s still in the $300s. we re still making outlike insane, more than we ever dreamed, more than we ever imagined. and i m like, no, fuck them.i m holding my shares. this is bullshit.they can t do this shit. they can t rig the game.
would have been because you wantedto protect your position, and that is very troubling. - they had to sacrificesomebody in order to resolve this, and they sacrificed the peoplethat wanted to diamond hands their gamestop. and a lot of peoplelost a lot of money. andy barr:so if anyone has a problem with your decisionto halt trades, it s fair to say thattheir frustration should be directed towardfederal regulation. vlad tenev:congressman, you know, i m not trying to throwanyone under the bus in direct frustrationanywhere. all i cansay is robinhood s security played this by the booksand played it basically the only waythat we could remain in compliancewith our deposit requirements. andy barr:mr. tenev, i appreciate chris garcia:wall street s got it to where they have every card and they knowevery rule of the game to where we re going to bend and bend those ruleswithout breaking them. and the problemis what they do, us typical little guys will never be ableto do that stuff, right? maxine w