Robinhood CEO: Making Everyone An Owner
a16z Podcast21 Marras

Robinhood CEO: Making Everyone An Owner

Vlad Tenev built Robinhood by breaking every rule Wall Street wrote: zero commissions when competitors charged $10, mobile-first when "serious" investors demanded desktop, a brand that made finance feel like rebellion instead of a club you'd never join.

By 2021 they'd forced every major brokerage to slash fees and attracted millions who'd never owned a stock, but then GameStop happened: trading restrictions during the meme stock frenzy triggered congressional hearings, user fury, and a two-year brand crisis that nearly buried them despite the real culprit being antiquated clearing mechanics no one understood.

Now Tenev's pushing an even more radical vision—tokenizing private company shares so retail investors can own stakes in AI giants before IPO, turning prediction markets into "truth machines" that beat polls and pundits, and building what he calls the end of financial nihilism: a platform where your seventy-year-old parents and your Gen Z cousin both manage everything from retirement accounts to election bets in one place.

The question isn't whether traditional finance survives this; it's whether Robinhood can move fast enough to own the entire wealth transfer before someone else does.

Timestamps:

0:00 - Introduction
3:52 - Financial Relationships vs. Pinterest Boards: The Higher Bar
5:27 - Building in a Regulatory Catch-22
7:53 - Three Simultaneous Contrarian Bets
12:15 - From Institutional HFT to Retail Revolution
17:40 - January 28th: The Day Trust Died
27:40 - “Simple Lie More Powerful Than Complicated Truth”
30:02 - Tokenization: The Antidote to T+1 Settlement
32:52 - IPO Access: From Asking For Favors to Everyone Wanting In
39:22 - “Series D Was Called an IPO”
43:06 - WTF Happened in 1971?
47:42 - Going Broad While Going Deep
53:26 - The $120 Trillion Wealth Transfer
58:16 - Debunking “Financial Nihilism”
58:40 - “Speculation Is Critical For Functioning Markets”

Resources:

Follow Vlad Tenev on X: https://x.com/vladtenev

Follow Alex Rampell on X: https://x.com/arampell

Follow Erik Torenberg on X: https://x.com/eriktorenberg

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Listen to the a16z Podcast on Apple Podcasts: [https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711](https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711)

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see [a16z.com/disclosures](http://a16z.com/disclosures).

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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.


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Jaksot(970)

Insights from the Frontlines of Consumer Tech

Insights from the Frontlines of Consumer Tech

There is arguably nothing that impacts our daily lives more than consumer technology. This technology can drive our ability to change careers, build an audience, or feel understood. And in this episode, listeners get a sneak peek into our new consumer series, Field Notes, where a16z’s very own Connie Chan speaks with the builders, creators, and investors behind the technology that shapes our daily lives.If you like these segments, you can find the full episodes at a16z.com/fieldnotes.Topics Covered:00:00 - Introduction02:13 - Chris Schroder08:15 - Brian Wong15:35 - Tracy Sun23:03 - Deb Liu30:56 - Susan PlagemannResources: Find the full series: https://a16z.com/fieldnotesFind Connie on Twitter: https://twitter.com/conniechanDeb's Part 1:  https://www.youtube.com/watch?v=Is2pm06MNt8Deb's Part 2: https://www.youtube.com/watch?v=osJp6S66u2UChris's episode: https://www.youtube.com/watch?v=Zux1wVirUjs Stay Updated: Find a16z on Twitter: https://twitter.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zSubscribe on your favorite podcast app: https://a16z.simplecast.com/Follow our host: https://twitter.com/stephsmithioPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. For more details please see a16z.com/disclosures. Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

19 Huhti 202335min

Marketing web3: Audience, Community, More

Marketing web3: Audience, Community, More

with @amandacassatt @kimbatronic @smc90All about marketing, and web3 -- not just for marketers already in or seeking to enter web3, but also anyone doing community marketing/ community management, devrel (developer relations); or simply doing marketing in web2 or classic growth marketing, seeking to understand the latest trends and tactics.With the  author of the new book, Web3 Marketing: A Handbook for the Next Internet Revolution, Amanda Cassatt (who was also the first CMO at ConsenSys, helping bring Ethereum to market; and also founded and leads the pioneering, native web3-marketing agency Serotonin). Also joining this episode to share insights on marketing web3 -- in conversation with host and editor in chief Sonal Chokshi -- is Kim Milosevich, CMO at a16z crypto, where she oversees brand, marketing, events, and communications (and before that was VP of communications at Coinbase, where she took the company through its direct listing while leading internal, policy, product, and corporate communications internationally). The episode also covers key top of mind questions for web3 builders and others, including how to do community marketing, manage "profiles" in decentralized and open source, and finding your audience... including feedback for product-market fit. And much. much more!  Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

13 Huhti 20231h 16min

Building Hardware and Taking on the Phone Giants

Building Hardware and Taking on the Phone Giants

People often say that building a hardware company is like “playing on hard mode”. Building a hardware company during a global pandemic, with the unpredictability of supply chains and markets, is harder than hard. Trying to penetrate the phone market in particular – where only a few players own almost all the market share – is REALLY hard.In today’s episode we chat with Carl Pei, founder of Nothing. Between Nothing and previously co-founding OnePlus, Carl has twice managed to do what many others have failed to do. Nothing has sold over 1m units and built a team of over 400. In this episode, Carl chats with us about why he’s at it again, what it takes to successfully build hardware, and how he thinks about making technology fun again.Timestamps:02:11 - The hardware market02:53 - Breaking into the phone market05:19 - Securing factories and stakeholders07:39 - Differentiating products10:32 - Hardware design11:53 - Strengthening software proposition16:04 - Table stakes17:49 - Marketing and Youtube19:34 - Underestimating the value chain21:50 - Manufacturing23:27 - Supply chain26:05 - Remote work27:36 - The future of hardware30:45 - Breakthrough hardware32:35 - Making tech fun againResources:Nothing website: https://us.nothing.tech/Nothing’s Youtube channel: https://www.youtube.com/@NothingTechnologyFind Carl on Twitter: https://twitter.com/getpeidFind Nothing on Twitter: https://twitter.com/nothingNothing’s recently launched Ear (2): https://us.nothing.tech/products/ear-2Stay Updated: Find a16z on Twitter: https://twitter.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zSubscribe on your favorite podcast app: https://a16z.simplecast.com/Follow our host: https://twitter.com/stephsmithioPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. For more details please see a16z.com/disclosures. Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

6 Huhti 202337min

Digital Humans and the Story Behind Lil Miquela

Digital Humans and the Story Behind Lil Miquela

You’ve probably heard of ‘Lil Miquela. The 19 year-old Brazilian-American influencer has millions of followers and has partnered with the likes of Samsung and Prada. But despite capturing the hearts of many, she’s not real. But you probably haven’t heard her origin story. In this episode we take a trip back to 2016, to a world that looked much different to today, together with two of Miquela’s creators – Trevor McFedries and Isaac Bratzel – cofounder and Chief Design and Innovation Officer of Brud at the time.We learn what inspired the experiment and what early signs indicated that Miquela was not just a novel idea. In a world where spinning up an influencer, we learn what it took to capture mindshare, the pushback they’ve received, what a “scalable influencer” means, and what they think is to come. Resources:‘Lil Miquela on Instagram: https://www.instagram.com/lilmiquela/‘Lil Miquela on Youtube: https://www.youtube.com/channel/UCWeHb_SrtJbrT8VD-_QQpRAFind Trevor on Twitter: https://twitter.com/whatdotcd?lang=enFind Isaac on Twitter: https://twitter.com/izykbenjaminFind Brud on Instagram: https://www.instagram.com/brud.fyiIsaac’s new avatar company: https://www.avataros.com/ Timestamps:00:00 - Introduction02:18 - The key insight04:05 - A new breed of influencers06:25 - Miquela’s aesthetic09:30 - Early signs of success13:01 - Narrative and fan engagement16:45 - The technology18:14 - Expanding past Miquela22:34 - Traction and generative AI26:45 - A new reality31:55 - Early pushback33:38 - Misunderstanding reality36:23 - Fear of new technologies37:47 - New technological unlocks41:13 - Scalable influencersStay Updated: Find a16z on Twitter: https://twitter.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zSubscribe on your favorite podcast app: https://a16z.simplecast.com/Follow our host: https://twitter.com/stephsmithioPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. For more details please see a16z.com/disclosures. Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

30 Maalis 202345min

The Marketplace 100: A Glimpse Into the Future of Commerce

The Marketplace 100: A Glimpse Into the Future of Commerce

Over the last decade, we’ve seen the marketplace model evolve and grow, and this year a16z is back with our fourth edition of the Marketplace100 – a ranking of the top private marketplaces by GMV – giving a unique window into what may be to come.This year’s list features nearly three dozen newcomers, including marketplaces for refurbished electronics, precious metals, and sustainably raised meat. And in this episode, we break down key trends from the report together with a16z’s Consumer partners Connie Chan, Olivia Moore, and Zach Cohen.If you’d like to see the full ranking of the largest consumer-facing marketplace startups and private companies, you can find the full report at https://a16z.com/marketplace-100.Resources:Find the full Marketplace 100 report: https://a16z.com/marketplace-100Find Connie on Twitter: https://twitter.com/conniechanFind Olivia on Twitter: https://twitter.com/omooretweetsFind Zach on Twitter: https://twitter.com/zachcohen25Topics Covered:00:00- Introduction02:28 - Why marketplaces? 05:18 - What metrics matter07:55 - Newcomers on the list09:49 - Entertainment and personalization13:46 - Curated marketplaces14:47 - Trust and safety21:23 - Mental health trends22:42 - Untapped supply24:40 - Disintermediation27:42 - Transient vs foundational trends31:33 - Companies entering the category36:52 - Sleeper categories for 2024 Stay Updated: Find a16z on Twitter: https://twitter.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zSubscribe on your favorite podcast app: https://a16z.simplecast.com/Follow our host: https://twitter.com/stephsmithioPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. For more details please see a16z.com/disclosures. Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

23 Maalis 202347min

The Art and Science of Podcasting

The Art and Science of Podcasting

It’s both easier and harder than ever to build a successful podcast. In this episode, we chat with Sriram and Aarthi from the Good Time Show, who ventured into the world of audio peak pandemic and have since interviewed the likes of Elon Musk, Calvin Harris, and Naomi Osaka.We get their perspective on how to succeed in this competitive landscape, differentiation and the sliding scale of entertainment and information, the difference between an audience and a community, podcast analytics and how they’re changing, and even what Sriram has learned from his frontrow experience at Twitter recently.Topics Covered:00:00 - Intro02:20 - Podcast trivia06:07 - Starting a podcast08:45 - Differentiating13:10 - Information vs entertainment18:08 - Getting off the talk track20:40 - Growth and metrics22:31 - Authenticity27:10 - Secret sauce of podcasting28:10 - Advice for new podcasters29:58 - In-person events32:06 - Tech as a force for good34:50 - The next wave of social37:23 - Creator middle class41:16 - Podcast infrastructure42:55 - ChatGPT45:10 - Swapping lives with a celebrity52:26 - Your personal monopoly Resources:Find Sriram on Twitter: https://twitter.com/sriramkFind Aarthi on Twitter: https://twitter.com/aarthirFind Aarthi and Sriram on Youtube: https://www.youtube.com/@AarthiAndSriramCheck out the Good Time Show: https://www.aarthiandsriram.com/ Stay Updated: Find us on Twitter: https://twitter.com/a16zFind us on LinkedIn: https://www.linkedin.com/company/a16zSubscribe on your favorite podcast app: https://a16z.simplecast.com/Follow our host: https://twitter.com/stephsmithioPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. For more details please see a16z.com/disclosures. Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

20 Maalis 202351min

Unlocking Creativity with Prompt Engineering

Unlocking Creativity with Prompt Engineering

With every new technology, some jobs are lost while others are gained. People often focus on the former, but in this episode we chose to highlight the latter – a highly creative role that emerges alongside AI: the prompt engineer.Until AI can close the loop of its own, each tool still requires a set of prompts. Just like a composer feeds an instrument the notes to play, a prompt engineer feeds an AI a map of what to produce. And if we know anything from music it’s that composing great music takes great skill!In this episode we explore the emerging importance of prompting with Guy Parsons, the early learnings of how to do it effectively, and where this field might be going.Will the prompt engineer be more like the highly sought after DevOps engineer, or a proficiency like Excel that you find on every resume? Listen in to hear Guy’s take.Interested in the prompt competition? Email us at podpitches@a16z.com.Resources:DALL-E 2 Prompt Book: https://dallery.gallery/the-dalle-2-prompt-book/Find Guy on Twitter: https://twitter.com/GuyPGuy’s combining image experiment: https://twitter.com/GuyP/status/1612880405207580672Guy’s amorphous prompt experiment: https://twitter.com/GuyP/status/1608475973300948993Guy’s space duck: https://twitter.com/GuyP/status/1601342688225525761Prompt base: https://promptbase.com/Lexica: https://lexica.art/ Topics Covered: 0:00 - Introduction01:49 - DALL-E 2 Prompt Book05:29 - Parallel skills06:51 - 80/20 prompting10:16 - New ways of prompting13:44 - Pulling the AI slot machine18:09 - Comparing models21:04 - Requested features26:34 - Learning with AI27:58 - Practical use cases32:08 - A top 1% prompt engineer36:17 - The most popular images Stay Updated: Find us on Twitter: https://twitter.com/a16zFind us on LinkedIn: https://www.linkedin.com/company/a16zSubscribe on your favorite podcast app: https://a16z.simplecast.com/Follow our host: https://twitter.com/stephsmithioPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. For more details please see a16z.com/disclosures. Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

9 Maalis 202338min

Rebooting the Arsenal of Democracy with Palmer Luckey

Rebooting the Arsenal of Democracy with Palmer Luckey

Starting in the 1960s, technology companies, funded by the U.S. Department of Defense, were essential for creating the processors that would eventually launch satellites and guide missiles. Half a century later, today’s tech companies can — and need — to move even faster and smarter, as international adversaries scale up their aggressions. In this episode, Anduril Industries Founder Palmer Luckey will discuss how Silicon Valley is using new technologies to build new tools, systems, and companies to defend our nation and its interests. Resources:American Dynamism Summit: https://a16z.com/AD-summit/Anduril’s website: https://www.anduril.com/Find Palmer on Twitter: https://twitter.com/PalmerLuckey Stay Updated: Find a16z on Twitter: https://twitter.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zSubscribe on your favorite podcast app: https://a16z.simplecast.com/Follow our host: https://twitter.com/stephsmithioPlease note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. For more details please see a16z.com/disclosures. Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Podcast on SpotifyListen to the a16z Podcast on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

7 Maalis 202318min

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