Vlad Tenev

I see.

Yeah.

And actually, there's some exceptions to this.

Some people are allowed to short it without having it.

But by and large, for the normal person, you can't do that.

So you have to secure the borrow.

And you can imagine for financial stability and things like this, you don't want to just have unconstrained shorting.

The reason that rule was put in place was because that happened to some companies.

Actually, I might have this wrong, but I think it might have happened to either Lehman Brothers or Bear Stearns and been a part of the global financial crisis.

So for that reason, what's called naked shorting is like severely clamped down.

But yeah, that's what shorting is.

You can sell it and then at some point you have to pay back your borrow.

Can you find out who's shorting stocks?

So if you're a hedge fund, you publish.

I see.

You have to publish your positions and that includes your shorts if you're kind of past a certain level.

If you're a normal retail customer, not really.

And interesting thing, at that time, Robinhood didn't permit shorting.

We have since rolled out the ability to short.

We did that a couple of months ago, but Robinhood was long only equities platform.