Vlad Tenev is the co-founder and CEO of Robinhood (NASDAQ: HOOD), which transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. As of Q3 2025, the company is doing $1.27 billion in revenue with 11 business lines each doing roughly $100 million.

We discuss the evolution of online brokerage platforms from Schwab to E-Trade to now Robinhood. Vlad delves into the launch of Robinhood, the impact of the global financial crisis, and how mobile and high-frequency trading have transformed finance. The conversation explores the rise and success of prediction markets, the importance of engaging younger generations, and how AI is enhancing the future of trading.

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Timestamps:

(0:00) Intro

(00:27) History of online brokers

(4:15) The rise of Robinhood

(9:15) Changing sentiment among generations

(14:18) Incentive alignment with customers

(18:47) The emergence of prediction markets

(25:50) Economic value vs entertainment

(28:26) Growing degree of risk taking

(35:21) Tokenization and private markets

(39:33) The impact of AI on Robinhood

(43:35) What excites Vlad about AI

(46:59) Reflections on being a founder

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More on Vlad:

https://robinhood.com/us/en/

https://x.com/vladtenev

More on Jack:

https://www.altcap.com/

https://x.com/jaltma

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https://linktr.ee/uncappedpod

Email: [email protected]