Robinhood CEO: Making Everyone An Owner

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:

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Episoder(968)

The Evolution of the Firm — with Ben and Marc

The Evolution of the Firm — with Ben and Marc

Recorded live at the 2025 a16z LP Summit, this episode is a candid conversation between a16z cofounders Marc Andreessen and Ben Horowitz—hosted by general partner Erik Torenberg.They cover the evolution of a16z from startup firm to multi-practice platform, how the media landscape is shaped by meme-speed narratives, why reorgs—not just returns—determine who wins, and what it takes to build an enduring venture franchise.They also share thoughts on the changing policy landscape for AI and crypto, the firm’s bipartisan approach to Washington—and why Marc personally screens social media profiles before anyone joins the team. Resources: Find Marc on X: https://x.com/pmarcaFind Ben on X: https://x.com/bhorowitz Stay Updated: Let us know what you think: https://ratethispodcast.com/a16zFind 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: Follow our host: https://x.com/eriktorenbergPlease 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. 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 Mai 33min

Unbundling the BPO: How AI Is Disrupting Outsourced Work

Unbundling the BPO: How AI Is Disrupting Outsourced Work

Business Process Outsourcing (BPO) is a $300 billion industry powering the back- and front-office operations of the world’s largest companies.In her article, "Unbundling the BPO: How AI Will Disrupt Outsourced Work," Kimberly Tan (Partner, a16z) explores how the rise of AI is challenging the status quo. In this episode, Kimberly unpacks the shift—from call centers and invoice processing to cross-system automation and coding agents. They explore how AI is redefining the economics of scale, unlocking new markets, and expanding the reach of automation beyond the Fortune 500. For founders and operators alike, this conversation offers a clear-eyed look at the playbook for building in this newly addressable space. Resources: Read the article: https://a16z.com/unbundling-the-bpo-how-ai-will-disrupt-outsourced-work/Find Kimberly on X: https://x.com/kimberlywtan Stay Updated: Let us know what you think: https://ratethispodcast.com/a16zFind 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://x.com/eriktorenbergPlease 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. 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.

17 Mai 17min

Marc Andreessen: Deep Vs. Broad Founders, AI in America, & the New Face of a16z

Marc Andreessen: Deep Vs. Broad Founders, AI in America, & the New Face of a16z

Today on the a16z Podcast, we’re sharing Marc Andreessen’s recent appearance on TBPN.Marc—cofounder and general partner at a16z—joins hosts John Coogan and Jordi Hays for a wide-ranging conversation, recorded live at the a16z’s 2025 LP Conference in Las Vegas.They cover the rise of AI, the future of open source models, and how tech is transforming every corner of the economy—from education and defense to healthcare and housing.Marc also shares his thoughts on the evolution of venture capital, the firm’s new branding, and what it takes to build enduring companies in a rapidly changing world. Resources:Watch more from TBPN: https://www.tbpn.com/Find TBPN on X: https://x.com/tbpnFind Marc on X: https://x.com/pmarca Stay Updated: Let us know what you think: https://ratethispodcast.com/a16zFind 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://x.com/eriktorenbergPlease 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. 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.

16 Mai 28min

What Super Agers Reveal About Preventing Disease

What Super Agers Reveal About Preventing Disease

American healthcare is in crisis—but what if we could change the system by preventing disease before it starts?In this episode of the a16z Podcast, general partner Vijay Pande sits down with Dr. Eric Topol, founder and director of the Scripps Research Translational Institute and one of the most cited researchers in medicine, to explore the cutting edge of preventive healthcare and longevity science.Drawing from his new book Super Agers: An Evidence-Based Path to Longevity, Topol breaks down why understanding the biology of aging—not reversing it—is the key to preventing the “Big Three” age-related diseases: cancer, cardiovascular disease, and neurodegenerative conditions. The conversation spans AI-powered risk prediction, organ clocks, polygenic risk scores, GLP-1s, and the cultural and economic shifts required to move from a “sick care” system to one rooted in precision prevention and extended healthspan.If you’ve ever wondered how data, personalized medicine, and AI can add seven healthy years to your life—and what it will take to bring those benefits to everyone—this episode is for you. Resources: Find Eric on X: https://x.com/erictopolFind Vijay on X: https://x.com/vijaypande Stay Updated: Let us know what you think: https://ratethispodcast.com/a16zFind 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. a16z and its affiliates may maintain investments in the companies discussed. 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.

14 Mai 42min

Startups & Defense: Katherine Boyle on TBPN

Startups & Defense: Katherine Boyle on TBPN

In this episode of th a16z Podcast, we’re sharing Katherine Boyle’s recent interview on TBPN.Katherine—General Partner at a16z and the architect of the American Dynamism thesis—joins hosts John Coogan and Jordi Hays to discuss the state of the movement today. They cover the Department of Defense’s sweeping reform efforts, the role of startups in national security, and why American Dynamism is just getting started.From procurement reform to reindustrialization, this wide-ranging conversation explores how founders and investors are reshaping the future in service of the national interest.Resources:Watch more from TBPN: https://www.tbpn.com/Find TBPN on X: https://x.com/tbpnFind Katherine on X: https://x.com/KTmBoyleStay Updated: Let us know what you think: https://ratethispodcast.com/a16zFind 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://x.com/eriktorenbergPlease 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. 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 Mai 33min

Do You Really Know Your ICP? Why It Matters and How to Find Out

Do You Really Know Your ICP? Why It Matters and How to Find Out

Your ideal customer profile (ICP) is the north star for your entire company: it determines who you’re building for and selling to. Though most growth-stage founders think they know who their ICP is, very few know how to update and refine it to keep the company focused as they grow—which can lead to a lot of headaches down the road.In this debut episode of a16z Growth’s new company scaling podcast, the a16z Guide to Growth, a16z's Joe Morrissey (General Partner, a16z Growth), Michael King (Partner, Go-to-Market Network), and Mark Regan (Partner, a16z Growth) break down why ICP misalignment is often the hidden cause of common problems across the entire company, from pipeline gaps and bloated marketing spend to stalled product roadmaps—and dive deep on how to fix it.They offer tactical advice for defining (and refining!) your ICP as you scale, explain why getting it right requires company-wide alignment, and how to navigate the “precision paradox” when implementing it. Plus, why ICPs matter even more in the AI era, and how a well-executed ICP shows up across the business when it's working. Resources: Read more on sales and go-to-market on our Growth Content CompendiumFind Joe on LinkedIn: https://www.linkedin.com/in/morrisseyjoe/Find Mark on LinkedIn: https://www.linkedin.com/in/mregan178/Find Michael on LinkedIn: https://www.linkedin.com/in/michael-king-62258/Find Emma on LinkedIn: https://www.linkedin.com/in/emmajanaskie/ Stay Updated: Let us know what you think: https://ratethispodcast.com/a16zFind 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. a16z and its affiliates may maintain investments in the companies discussed. 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 Mai 35min

The Software Crisis Behind America's Infrastructure

The Software Crisis Behind America's Infrastructure

Today’s critical infrastructure—air traffic, logistics, defense—is powered by legacy software. And that’s a problem.In this episode, recorded live at the a16z American Dynamism Summit, a16z partner Leila Hay sits down with Phillip Buckendorf, CEO of Air Space Intelligence, and Lt. Gen. Leonard J. Kosinski (Ret.), ASI’s Chief Strategy Officer and former Director for Logistics on the Joint Staff for the Pentagon. They explore why software is now a weapon system, how dual-use tech can harden both civilian and military infrastructure, and what happens if we don’t modernize fast enough. Resources:Find Phillip on LinkedIn: https://www.linkedin.com/in/phillipbuckendorf/?locale=en_USFind Lieutenant General Leonard J Kosinsk on LinkedIn: https://www.linkedin.com/in/ljkosinski/Find Leila on LinkedIn: https://www.linkedin.com/in/leilahay/ Stay Updated: Let us know what you think: https://ratethispodcast.com/a16zFind 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. a16z and its affiliates may maintain investments in the companies discussed. 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 Apr 40min

What Comes After Mobile? Meta’s Andrew Bosworth on AI and Consumer Tech

What Comes After Mobile? Meta’s Andrew Bosworth on AI and Consumer Tech

Are we nearing the end of the smartphone era?In this episode, a16z Growth General Partner David George talks with Meta CTO Andrew “Boz” Bosworth about what comes after apps and touchscreens. From smart glasses to AR headsets, Boz shares how AI is powering a new wave of computing—one that’s ambient, agentic, and driven by human intent.They explore what it takes to build for this future, the risks of changing interaction models, and why the next big platform shift may already be in motion.This episode is part of our AI Revolution series, where we explore how industry leaders are leveraging generative AI to steer innovation and navigate the next major platform shift. Discover more insights and content from the AI Revolution series at a16z.com/AIRevolution. Resources: Find Boz on X: https://x.com/boztankFind David on X: https://x.com/davidgeorge8 Stay Updated: Let us know what you think: https://ratethispodcast.com/a16zFind 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. a16z and its affiliates may maintain investments in the companies discussed. 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.

24 Apr 32min

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