Vlad on the @elonmusk Clubhouse now is sinking as usual, he hasn't apologised...
AGAIN...
SMH, 101 in how not to deal with a crisis
How hard is it to say 'sorry, we let you down' as the first thing, not 'I'm the Chief Executive Officer of Robinhood'
Elon immediately cringed
AGAIN...
SMH, 101 in how not to deal with a crisis
How hard is it to say 'sorry, we let you down' as the first thing, not 'I'm the Chief Executive Officer of Robinhood'
Elon immediately cringed
But Vlad just disclosed that Robinhood has had a $3B request for cash from clearing house (I think) which they didn't have (this is new info I think), hence the raise - we all knew this, but not the number
At the heart of the $3B was the increase in VAR (as many have noted)
At the heart of the $3B was the increase in VAR (as many have noted)
$3B request from the NSCC (Nat Sec Clearing Corp) and then they called the NSCC and it was reduced to $1.4B
Then they discussed more, and agreed to restrict trading, and the number went to $700m which RH could put up
"We knew this was a bad outcome for customers"
Well at least that is a vague mea culpa, but not enough
"We knew this was a bad outcome for customers"
Well at least that is a vague mea culpa, but not enough
It's interesting, Elon is pushing him in a good way, he's trying to help him explain the situation better, but Vlad is just a bit rigid (sounds like a lawyer half the time / corp speak, but then again, this is hard for anyone to deal with too)
They raised more money, and they should be able to have fewer limits on Monday open. Elon pushed "will there be any limits", and the answer is yes, there will be some limits, sounds like limits for the larger players
He still hasn't apologised :/
He still hasn't apologised :/
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