Vlad Tenev
👤 SpeakerAppearances Over Time
Podcast Appearances
So it's like, oh, amazing.
Robinhood is doing well.
So we've been live for about four years.
In this environment, we were basically just eating the market, right?
If you look at mobile app downloads, we had like 60% market share.
So out of every 10 downloads in the entire brokerage space, Robinhood was six out of 10.
And we had gone from a $75 million valuation in 2014, that was our Series A round, to $7.5 billion.
Right, 100x in four years.
And a very interesting thing happened in September of 2019.
Remember, this was right before COVID.
All of the major incumbent competitors within pretty much a week of each other lowered their commissions to zero.
So they saw this and like one of them moved first.
I think it was Interactive Brokers lowered the commissions to zero.
And then it was clear they all had like a playbook that they had prepared.
All of them went to zero.
I don't think anything's happened like that in business history, as far as I'm aware.