Which are your favorite Vladimir Tenev quotes?
Vladimir Tenev is a Bulgarian-American entrepreneur and businessman. He is famously known as the co-founder and CEO of one of the biggest U.S. financial services companies, ‘Robinhood’.
Tenev and his business partner, Baiju Bhatt, started their business in 2010 when they founded a trading company called ‘Celeris’, which then abandoned it shortly after and hit a lot of trials and errors before their current company ‘Robinhood’ became a multinational success and made them billionaires.
Tenev was successfully included in Forbes’ 30 Under 30 list in 2013. Moreover, he was also given the honor to be the keynote speaker in one of his alumni’s prestigious events, UCLA’s 2019 Math Commencement Ceremony.
Here’s a collection of the best Vladimir Tenev quotes:
38 Incredible Vladimir Tenev Quotes
1. “NSCC was reasonable and worked with us to actually lower it.” – Vladimir Tenev
2. “We understand our customers are upset, we’re doing what we can to re-enable buying in these names, we want to be clear in the communications, and I own that we should have been out there a little bit sooner.” – Vladimir Tenev
3. “I just randomly downloaded Clubhouse a few days ago. This is my first time using the app.” – Vladimir Tenev
4. “As a licensed broker-dealer, we’re highly regulated and take clear communication very seriously.” – Vladimir Tenev
5. “There was a rumor that other market makers pressured us. That’s just false.” – Vladimir Tenev
6. “24 hours later, our team raised over $1 billion in capital so when we do open tomorrow morning, we’ll be able to relax the stringent requirements we put on Friday.” – Vladimir Tenev
7. “I heard about this Clubhouse app and thought this has gotta be part of the simulation, so I just thought why not. Here I am.” – Vladimir Tenev
8. “It’s a consortium. It’s not quite a government agency. I don’t really know the details of all of that.” – Vladimir Tenev
9. “There are always some theoretical limits (when Elon asks will there be requirements) .. but it won’t impact 99% of clients.” – Vladimir Tenev
10th of 38 Vladimir Tenev Quotes
10. “We marked volatile stocks driving the activity.” – Vladimir Tenev
11. “That explains why we had to mark these symbols closing only and why we knew this was a bad outcome for customers.” – Vladimir Tenev
12. “Robinhood is a participant in the financial system. We do get a lot of questions: why do you work with market makers, clearing houses.” – Vladimir Tenev
13. “There’s a large group of people that think investing is this serious thing for only if you’re wearing a suit in front of your terminal, that’s kind of been the legacy school of thought.” – Vladimir Tenev
14. “No. This was nerve-wracking — I couldn’t sleep…[we called] the higher-ups at NSCC [to] figure out what’s going on and basically there was another call and they lowered it to $1.4 billion and then we basically proposed how we’ll manage risk throughout the day.” – Vladimir Tenev
15. “To prudently manage the risk and the deposit requirements, we had to restrict buying in these 13 stocks, we’re in a historic situation where there’s a lot of activity and a lot of buying concentrated in a relatively small number of symbols that are going viral on social media. We haven’t really seen anything like this before.” – Vladimir Tenev
16. “It was unprecedented activity. I don’t have full context of what was going on in the NSCC to make these calculations.” – Vladimir Tenev
17. “It was $3 billion US, around, just suddenly out of nowhere. I wouldn’t imbue shadiness to it or anything like that.” – Vladimir Tenev
18. “Market makers execute our trades. They execute trades of every broker-dealer. This was a clearinghouse decision and this was based on capital requirements. From our perspective, Citadel and other market makers weren’t involved with that.” – Vladimir Tenev
19. “A lot of these so-called meme stocks were going viral on social media and people were joining Robinhood and there was a lot of net buy activity on them as you all know.” – Vladimir Tenev
20th of 38 Vladimir Tenev Quotes
20. “Robinhood up until that point had raised $2 billion in venture capital.” – Vladimir Tenev
21. “They gave us a file of the deposit and the request was around $3 billion — an order of magnitude of what it typically is.” – Vladimir Tenev
22. “And to be fair, we were, there was legitimate turmoil in the markets with these meme stocks and there was a lot of activity and there was some amount of extra risk so it’s not entirely unreasonable.” – Vladimir Tenev
23. “At 5 in the morning, [they said ok] the deposit is $700 million which we paid promptly.” – Vladimir Tenev
24. “Wednesday of last week we just had unprecedented volume, load on system.” – Vladimir Tenev
25. “In order to protect the firm and protect our customers, we had to limit buying in these stocks.” – Vladimir Tenev
26. “I want to be 100 % clear. This decision was not made on the direction of any market maker or other market participants.” – Vladimir Tenev
27. “I got introduced to your friend Antonio then he introduced me to you.” – Vladimir Tenev
28. “I think that’s fair. We have to comply with these requirements. Financial institutions have requirements. The formula required these requirements. To be fair we were able to open, serve our customers.” – Vladimir Tenev
29. “There’s a clearing broker-dealer, Robinhood Securities. Then we have Robinhood Crypto. All of these are different entities, differently operated.” – Vladimir Tenev
30th of 38 Vladimir Tenev Quotes
30. “This has been a surreal week for me. People have been coming out of woodwork to offer advice.” – Vladimir Tenev
31. “We absolutely did not do this at the direction of any market maker or hedge fund … the reason we did it is because Robinhood as a brokerage firm, we have lots of financial requirements, in order to protect the firm and protect our customers, we had to limit buying in these stocks.” – Vladimir Tenev
32. “I don’t have any reason to believe that. Then you’re getting into the conspiracy theories a little bit. I have no reason to believe that’s the case.” – Vladimir Tenev
33. “It’s actually a couple of companies — there’s a broker-dealer, Robinhood Financial, the app you know and love, it processes trades.” – Vladimir Tenev
34. “Robinhood at this time was number 1 on the iOS app store and pretty close to 1 on Google Play.” – Vladimir Tenev
35. “I know. There’s processes, this is unprecedented times. They’ve been reasonable. I think the one thing that is not clear to people.” – Vladimir Tenev
36. “There are ways to reverse engineer it but it’s not kind of publicly shared and there’s a special component which is discretionary which acts like a multiplier.” – Vladimir Tenev
37. “$3 billion is a large number and basically the details are — we don’t have the full details, it’s an opaque formula, [but] one is the VaR, value at risk.” – Vladimir Tenev
38. “Part of what Robinhood stands for is democratizing access.” – Vladimir Tenev
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