Earn Your Leisure Podcast

Episode: Vlad Tenev on Robinhood’s Next Move: $1,000 for Every Baby, Future of Money, AI Prediction & Crypto
Released: December 12, 2025
Hosts: Rashad Bilal & Troy Millings
Guest: Vlad Tenev, CEO of Robinhood

Episode Overview

This episode features Vlad Tenev, CEO of Robinhood, in a wide-ranging conversation about Robinhood’s evolution, financial literacy, the future of trading, prediction markets, the societal impact of AI and crypto, and a bold new initiative: a $1,000 investment account for every baby in America. The discussion explores Robinhood's trajectory, product innovations, regulation, political engagement, and the shifting landscape for both retail and institutional investors.

Key Discussion Points & Insights

1. Robinhood’s Evolution and Product Velocity

• Proud Moments of 2025

  • Launch of new products: Digital advisory, Robinhood Banking, AI model (Cortex), prediction markets, and tokenization in Europe.
  • Company’s culture is now "fast and safe," able to ship products rapidly and at scale.
  • "We've just been like shipping great product at a velocity that makes me proud." (Vlad, 06:59)

• Outpacing Expectations on Wall Street

  • Stock performance up 263% over the last 52 weeks.
  • Exceptional financial metric: Robinhood’s “rule of 40” was over 100, signaling high growth and strong margins.
  • "If you plot all the companies in the S&P 500 on this metric, Robinhood is just a huge outlier." (Vlad, 09:00)

2. Transforming Retail Investors’ Status

• Shift from 'Dumb Money' to First-Class Market Participants

  • Robinhood’s IPO Access now influences how IPOs include retail—20% allocations now possible for retail, compared to previous scraps.
  • Making public markets and earnings calls “fun” and accessible:
    • Earnings calls now live, with interactive Q&A including retail investors.
    • Other companies adopting the Robinhood model for earnings engagement.

• Opportunities & Risks for Retail Investors

  • Retail investors are more educated, taking on complex products (options, futures).
  • Vlad supports balancing risk with innovative tools and education.

3. The Social Impact of Retail Ownership

• Retail as a Market Stabilizer

  • Retail investors counteract price dislocations caused by institutional risk-off moves.
  • Retail becomes company advocates, providing community and defense for brands (citing crypto as an example).
  • "When they become investors, they become kind of defenders and fans of the company." (Vlad, 22:31)

• Contrast with AI Companies

  • Crypto succeeded in mobilizing bottom-up defenders by making ownership broad; AI companies may face societal backlash due to concentrated ownership.

4. AI’s Disruptive Potential & Societal Adaptation

• Regulatory Perspective & Social Stakes

  • AI’s slow but steady progress offers time to adapt; regulation is lagging behind but not immediately worrying.
  • Vlad: "If the thing that’s disrupting you is something you own, you’re always going to be in better shape." (26:51)

• Future of Work & Entrepreneurship

  • AI will disrupt jobs, especially for non-entrepreneurial youth, but will also create new work that blurs “leisure” and “career.”
  • "The jobs of the future will tend to look like leisure to us." (Vlad, 29:35)

5. Crypto and Global Financial Access

• Ten-Year Crypto Vision (to 2035):

  • Crypto tech will globalize access to US stocks and stable US dollar assets—especially critical in unstable economies (e.g., Venezuela).
  • Stablecoins already popular as dollar surrogates worldwide.
  • "Crypto will help stitch together all the markets and make it so that everyone is on a level playing field outside the U.S." (Vlad, 33:28)

• Not a Bitcoin Maximalist

  • Bullish on Bitcoin but sees value in a broader crypto ecosystem.

6. Prediction Markets: The ‘Next Big Thing’

• Robinhood Leading in Predictive Contracts

  • Fastest-growing business segment; now 1,500 contracts, with 3 billion contracts traded in November 2025.
  • Sports wagering is only a subset; markets now extend to politics, AI model outcomes, and more.
  • "It’s the fastest-growing business that Robinhood’s had." (Vlad, 37:07)

• Product Difference & Regulatory Angle

  • Prediction markets differ from sports betting: real-time trading, informed by ongoing events, attracts traders from equity/futures markets.
  • Concerns about speculation vs. gambling; Robinhood incentivizes long-term behaviors (like retirement saving).

7. Gambling vs. Speculation—Ethics and Safeguards

• Speculation is Vital to Healthy Markets

  • Speculators (even as gamblers) provide liquidity needed for markets to function.
  • Robinhood customers segment their activities: mixing speculation, retirement, and passive investing in one app.
  • "Every market requires speculation in order to work." (Vlad, 49:25)

• Integrity and Regulation

  • Vigilant against insider abuse in both prediction and financial markets.

8. Product Ecosystem & Financial ‘Super App’ Vision

• Meeting Users Where They Are
  • Robinhood aims to be the all-in-one financial app: paycheck deposit, investing, banking, retirement, speculation.
  • Education and safe environment emphasized as product priorities.

9. Economic Outlook & AI Bubble Fears

• Cautiously Optimistic on Economy & AI
  • No “doomsday” AI fear: "I think we'll be able to manage it. I'm very optimistic." (Vlad, 30:08)
  • AI and stock markets don't appear overheating yet; IPO pipeline just beginning.

10. Active Trading & New Platforms

• Leapfrogging Competitors
  • Legend, Robinhood’s desktop active trader platform, sees strong growth.
  • AI integrations, index options, and diversified accounts continue to attract and retain engaged traders.
  • "For an active trader, they should feel like they’re at a disadvantage using any other platform." (Vlad, 60:40)

11. Robinhood and Washington—Politics & Policy

• A New Era of Engagement

  • Once sought to “stay out of politics,” now deeply engaged with policymakers on both sides.
  • Praises the Trump administration’s openness; “Trump Accounts” initiative giving newborns $1,000 investment accounts.

• Anecdote: Governor Newsom’s Flip Phone

  • Newsom sent Vlad and other tech leaders a burner phone with his personal number; "I want you to know that, you know, you can call me at any time." (Vlad, 66:52)
  • Demonstrates shifting attitudes in California toward entrepreneurship.

12. The $1,000 for Every Baby—Invest America

• Groundbreaking Youth Investment Policy
  • Federal initiative: $1,000 invested at birth in a diversified portfolio for every newborn; Michael & Susan Dell donated $6.5 billion to expand program.
  • Money is accessible at 18 and 35; aims to foster generational wealth, universal market participation, and mitigate youth disenfranchisement.
  • Vlad: "It gives people skin in the game for American industries…they’ll be less likely to want to burn the system down if they actually have some skin in the game." (74:06)

Notable Quotes & Memorable Moments

• On Robinhood’s Culture:

  • "We've just been like shipping great product at a velocity that makes me proud." (Vlad, 06:59)

• On Retail Power:

  • "When they [retail investors] become investors, they become kind of defenders and fans of the company." (Vlad, 22:31)

• On AI Disruption:

  • "If the thing that’s disrupting you is something you own, you’re always going to be in better shape." (Vlad, 26:51)

• On Entrepreneurship and the Future of Work:

  • "The jobs of the future will tend to look like leisure to us." (Vlad, 29:35)

• On Financial App Strategy:

  • "We want to be your primary and your secondary financial account. So all of your activities should be done at Robinhood." (Vlad, 53:43)

• On Political Engagement:

  • "I got a burner phone sent to me by Governor Gavin Newsom... He said, you can call me at any time... to talk about how to improve the state." (Vlad, 66:52)

• On $1,000 Baby Accounts:

  • "Giving people that ownership is much, much stronger. It's like when you own a piece of land or a house, you keep it in better condition." (Vlad, 75:16)

• On Living Authentically as a CEO:

  • "Authenticity is important... If you find yourself doing something just because it's the conventional wisdom and it's not making you happy, then you're probably doing the wrong thing." (Vlad, 77:14)

Timestamps for Key Segments

• [05:33] – Proud accomplishments and product launches in 2025
• [08:11] – Wall Street’s underestimation of Robinhood
• [10:22] – IPO Access and transformation of retail investor participation
• [16:14] – Risks and opportunities for retail investors today
• [22:31] – Retail as market stabilizers, crypto vs. AI company ownership
• [25:34] – AI disruption, regulation, and future adaptation
• [31:36] – Crypto’s future and global accessibility
• [34:51] – Predictive markets as Robinhood's fastest-growing business
• [43:14] – Prediction markets vs. traditional sports betting
• [49:25] – Gambling vs. speculation and market function
• [53:37] – Robinhood as an all-in-one financial app
• [56:54] – AI bubble and economic outlook
• [59:33] – Growth of Legend and active trader tools
• [66:41] – Robinhood’s increased political engagement and experience with governors
• [72:18] – "Invest America / Trump Accounts" for all newborns
• [74:06] – Societal impact of universal ownership and generational wealth
• [75:56] – Vlad on living authentically as a CEO

TL;DR

Vlad Tenev discusses Robinhood’s transformative year, citing innovations in AI, prediction markets, and global access to investments. He outlines Robinhood’s vision of democratizing finance even further, notably referencing a $1,000 baby-investment account federal initiative meant to drive generational wealth and broad-based market participation. The conversation delves into the future of crypto, the challenges and promise of AI, financial market speculation vs. gambling, and Robinhood’s strategic engagement with both political parties. Above all, Vlad champions authenticity, adaptability, and inclusivity in both finance and leadership.

This detailed summary covers all major episode themes, notable quotes, and gives a roadmap for further listening or quick reference.