To meet the collateral requirements, we had to wire $500 million to Robinhood within hours, which was a critical moment for the company.

During the pandemic, Robinhood experienced explosive growth in trading volume, leading to significant infrastructure challenges, including a full day of trading outages.

In 2022, Robinhood faced a significant downturn as trading activity declined sharply due to inflation fears, leading to nearly half of its users leaving the platform.

The initial waitlist for Robinhood saw over 50,000 signups in the first week and nearly a million users within the first year, marking a historic demand for a consumer finance product.

Despite challenges, Robinhood has set new revenue records in 2024, demonstrating that the decisions made during the downturn were crucial for long-term success.

In 2022, we had to effectively refound Robinhood due to a significant shift in the macroeconomic environment, which required us to change our strategy to adapt to higher interest rates.

When Robinhood launched in March 2015, we converted hundreds of thousands of users from a waitlist, exceeding initial expectations of a 10% conversion rate.

The core of Robinhood's business was identified as active traders, who are more resilient and continue to trade even in downturns, which led to a strategic refocus on this customer base.

The founders of Robinhood recognized the financial industry's shortcomings and the opportunity to create a new kind of financial services company, driven by the rise of electronic trading and mobile technology.