markets. we bring you full coverage of the robinhood i feel this hour. we've got bob sloan, howard london. and our own in-house team of wall street experts who have been following this minute by minute. let's get straight to it. i want to bring in our correspondent here, who has been covering this sentence before even the meme stoxx thing it turned into kind of the issue -- -- meme stock thing turned into kind of the issue of 2021. >> it's at $33 now. a lot lower than that shared ipo price. we knew this retail allocation could be anywhere between 20% to 35%. where was that calculus last night, when the bankers were talking to his additional investors?

those retail investors that brought in at $38 a share, how are they feeling now? the people who bought in at that time are down by hundreds of millions of dollars at this point in time. we knew it was going to be volatile. we just didn't to be this far down. >> emily chang, your joining us now from san francisco. host of global technology. you just spoke about an hour ago with vlad, one of the cofounders and ceo of robinhood, how disappointed will they be with this drug? >> -- with this drop? >> you know, when you interview aco, if you asked him they are disappointed, they are not going to give you the answer you want to hear. it's more of a muted debut that we may have expected. this is still a circa $30 billion company. we will see where it ends up at the end of the day. for the yearly investors who put

in $500,000 in money, that's now worth $3 billion. vlad told me it was surreal. it's an exciting moment to be here. he's really focused on the long-term now. the interesting part of this is that retail allocation, they said they would allocate 20 % to 35% for customers, somewhere between -- he wouldn't give me a direct answer as to how they decided the final number. but we will be watching investors holding onto these chairs. -- holding onto these shares. how does robinhood hold them to that? we don't know. >> in terms of how pleased you are with the experience, it's got to hurt to have your ipo fall below the opening price.

you want i guess maybe a tony percent to 30% -- 20% to 30% hype. but it really doesn't say anything good about the company. it's been a hot year for ipo's. what other companies have had their shears trade below their opening price on the first day? >> dede is the prime example right now. there are a lot of external factors. coinbase also experience a lot of volatility. there was a real effort here to democratize the ipo process even more. we seen the trend happening for years now. go back to spotify. there were turned to delict listing models. some of the companies in the newer models faced fluctuatin shares. but they were given a pass, because they were trying anything out. investors got an earlier than

they did before. if you look past all of it, there will be a few questions. is this model working for robinhood and therefore it will drive this model out? there's also a model own flipping. investors technically can sell their shares. retail investors. there is a bit of a penalty and what they can do in future ipo's first turn amount of time, but again if you're shares are dropping, then what incentives do you have to care about that restriction, when you're watching your shares 8% to 11% lower depending? there's an interesting comment made in our top live blog right now from the head of asset allocation at pacific light, saying without bids, there is no war. matt: zero is a good floor. >> can't go below that. matt: what about this flipping a ship? -- this flipping issue?

there are some restrictions, not like the ones they had like selling the gamestop shares at one point, even though you could buy them. there's not a lot of love for robinhood when they make moves like that. is that part of why we do not get a pop on the first day? >> i think it's different than the restrictions that were implemented during the gamestop mania. where they put restrictions on buying more gamestop shares. the way it works is, robinhood has this disclaimer you are supposed to hold the shares for 30 days. if you dropped him or dump them before that, you will not be allowed to participate in future ipo's for certain period of time. the performance right now is reminding me of uber. i will never forget being on the floor of the stock exchange and it just opens below the opening price. there was kind of a moment of shock and disbelief. no one had expected uber to underperform so badly. it took among time for the

company to get back to that opening price and now certainly we are seeing it beyond that. it doesn't have to do with its retail allocation, we don't know. sentiment out there is, there's a lot of negative sentiment out there. i see in my replies whenever i interview vlad, people are still angry about what happened in january. that said, they said they wanted to shake up the traditional ipo process. and part of that was this retail allocation which at 20% to 25% is still on the lower end of the range. compare that to a typical amount of company allocates for its own customers, it is more like 1% to 2%. i want to roll a clip of what he had to say. take a listen. >> we certainly are proud to have one of the largest retail allocations ever. the way that we think about it is, it's a long-term focus of the company. we are making decisions and

making big bets, with the long-term interest of the business and mine. >> we don't know what that big bet -- if that big bet is going to pay off, but he's hoping the investors stick around for the long haul. matt: i wonder what this valuation says about the business. in terms of price to sales, it must look like a bargain compared to other businesses retina. >> it's much more expensive'. -- it's much more expensive. to your point, do you want to compare it to coinbase, when you're listening to the investors that ask about it, they are asking robinhood to compete more directly with coinbase. again, to company valuations or online brokerage valuations. matt: to me, even though it is a brokerage business, a financial business, blood 10 of is not -- vlad tenev is not licensed.

it is something you did to fund your trading options. maybe that's not the customers they want to go after. what about the underwriters for the suffering? -- for this offering? who was involved, who lost out, who is happy now? >> that is a great question, because this was led by goldman sachs and gb morgan. we have to imagine working overtime right now trying to figure out that floor. who can see the buying pressure. morgan stanley was a big name that was left out of this ipo underwriting process. there were many names on this, but goldman sachs, j.p. morgan, and morgan stanley compete very heavily in these tech listings. morgan stanley in particular has their e*trade business, which is a competitor to robinhood. fintech was a huge area for technology investment right now, for ipo's, for deals, so these banks are competing heavily on that front. there's a third element of this

where the three banks are also trying to change the ipo model. the direct listings and other forms of going public that keep them on top, as more underwriters get taken out of the process, as new underwriters like robinhood start to come into the market. 5-10 years from now, the business of ipo's will be extraordinarily different, both by demand of retail investors and the vc's that on these companies. matt: what we learn here is whether they allow short shares to be sold for shorting, if they will also be -- if this is kind of an experiment. we will see how that works out. emily will have more coverage of this ipo on bloomberg technology at 5:00 p.m. new york time today. definitely to an end for that. very interesting to compare to what happened to uber. they rose later. it had a tough time obviously during the pandemic.

but they have since gone up as least at -- at least as high as 55%. as we had to break, outside of robinhood, you can see the s&p 500 is gaining. risk on day for markets. the s&p, at 27.5 points. the 10 year yield come also rising. investors feel comfortable enough to sell bonds. they are selling the dollar. they are buying crude at 9%. this is bloomberg. ♪

♪ matt: welcome back to bloomberg markets. we are going to continue our focus on the robinhood ipo. we will bring in our bloomberg news deals reported.

and katie rew out of san francisco. crystal, you first, you and i were discussing this earlier on radio. and we were saying, we want to see some kind of pop, some kind of investor enthusiasm demonstrated by a gain in the shares. it doesn't have to be 30%. but you know, tony percent would be pretty good. a drop on the first day of trading is not great. >> anything that goes up is good. if you do when ipo -- an ipo, traditionally, it goes up the first they almost always. because you pay for the ipo discount, you are betting on a company that's ever been public before, they price it a little lower so it can go up on the first day. what we seen today is in the first five minutes, robinhood trading has actually gone below its offer price. the more interesting thing about it is that the people that maybe are pulling the flag as retail investors. robinhood had been telling them that if you sell the stocks in

the first 30 days, that may impact your future ipo allocation. so it will be interesting to see whether they end up -- what will happen in 30 days and if it goes down. matt: katie, there's also and interesting aspect of this in that the underwriters -- an interesting aspect of this and that the underwriters were selling shares only to be shorted. that's not a horrible idea. that's going to bring the price down, but it could also provide a cushion, so that the losses are not worse. if there were people there to cover shorts, we may see a drop more than it is retina. how do you think -- more than it is right now. how do you think vlad thinks about the idea underwriters have put into play? >> i think in general, you see, with ipo's, like a green shoe, where bankers will try to do different things to keep the price afloat, there's a lot of

different tricks they have up their sleeves and different mechanisms. matt: none of them working today. >> none of them working today. they are going to have to do something. it's a huge problem. as crystal was saying earlier, normally you have ipo's go up on the first day. normally they price deliberately 10%-30% below, where they think it's going to trade, so people taking a risk on a new stock make money. the fact that it's going down so quickly and so early in the day is probably a pretty negative thing. so it's hard to say what they will get, but they will have to mix a moves. matt: emily was just telling with -- telling us it's not a death threat. there have been successful companies like uber that had their shares drop on the first day and eventually recovered. it doesn't mean that this stock is going to zero. >> but i've looked at data

before, and actually on the first day of trading, if you go down in the first day, within a year, even when you're out from the ipo, you perform worse than your average company that went up on the first a. because it is such an outlier to go down on the first day. a lot of times it is a sign of weak sentiment from the market. a lot of people point to facebook, which fell flat on its first day and was a highly anticipated debut that got a lot of attention. but people who held the stock for a long time made a lot of money. people who really believe in robinhood are probably saying ok, today may be a bad day, but i am not planning to sell tomorrow because it's not a big deal. but certainly, it doesn't look good. you know, to go out like this. >> -- matt: it could portend years of pain. facebook, let's forget, there's little enthusiasm on the first day, it was pretty flat after it took hours and hours to open, and eventually the stock dropped

i think as little as $19 a share. of course it's trading now at $350. what else do you take from this, crystal? you've been following it very closely, watching all the issues with retail investors, they were very angry when robinhood did not allow them to sell gamestop shares. there was a lot of concern about pay for order flow. the layman's view on that is that as bad as shorting stocks is, what does this say about the robinhood saga we watch unfold in 2021? >> robinhood had been through a lot to come to this point as a publican bunny. a lot of ipo interviews. the ceo's often tell you they don't care about the first day of trading because this is just a beginning. matt: of course they say that. especially about drops. >> that, too. yes, but in this case, i would

say it may be true. they really have been through a lot. a lot of the things that -- the issues they have in the pass are ongoing. for instance, the finra investigations they had. those things, the only raised it three days before the pricing. matt: that was harsh. >> that was really harsh. for news like that to come out during the roadshow, it's probably a nightmare. matt: the ceo, you don't have to have a finra license. >> to be clear, it's not a lega -- not a legal as far as the right person has a license. -- not illegal, as far as a right person has the license. -- the right person has a license. it is unusual for the ceo, the founder of a turning company, to not have one. matt: we will continue to watch this. thanks so much for joining us.

still ahead, we discussed how short-sellers are positioning on the back of the ipo. bob sloan has collected and analyzed so much data on short selling, and this is one of the issues people are talking about in this ipo, almost an experiment. we will see how it's working out. this is bloomberg. ♪

♪ matt: this is bloomberg markets. let's get back to the robinhood ipo and discuss how short-sellers are reacting to the debut, with s3 partners founder, bob sloan. you guys live, eat, sleep, and breathe short selling. how it affects short markets. are a wall street reporter reminds me underwriters have the option to allow for shorting. it's not clear at least to

me right now whether or not they've done this. so thanks for our reporter for that. slight correction there. if they do, it really could allow some cushion. if you have a big drop, for short-sellers to go in and -- for short-sellers to go in. >> these markets are just so flooded with liquidity. you've had this room in the marketplace, particularly around financial technology. i think it is a smart move. the market's model is boy into, even though they are down. it is a way to ensure you have liquidity and puts a bottom of the floor underneath your stock price. matt: currently, they are really treating flat. they come back, but is still is -- they have come back, but

it's still a bit of a bummer, to fall below the issue price on the first day. when you look back over, we've had some pretty famous examples, emily chang was mentioning uber, katie brought up facebook, it was a really messy day at that. does it portend doom for the future? >> no, not at all. i think there's a lot to unpack here with robinhood. there are so many trends encapsulated in this ipo. this company has changed the definition of what is a retail investor, number one. 20-30,000,000 accounts. really strong. two, it's changed the way people trade. you can mobilize influencing into capital markets, that's a first. it's changed how institutional investors shortstocks. no one shorts stocks the same way because of what's going on

with the meme stocks. look at the market data that's necessary because of this socially influenced app. finally, it's changed market structure. who buys, sells, and where? and has an impact on that, too. like facebook, long-term trends are in the stock. it is also a signpost to the future of financial technology. there's a lot here. matt: like facebook, to me, is not 100% clear what this business is. maybe it's more of a social media company, even than a finance business, because people want to go on it and do this almost maybe like a gaming company. i think it would probably take some offense to that. but you can spend all day on their trading options -- there trading options like the kids would do on snap or tiktok. it must make it hard to value this business. >> you are taking a bet that

they will not monetize all these accounts. in the business model is clear today and they, have a lot of optionality to it. there's a lot of things he can do. i think one of the earlier guests was talking about they wanted to challenge coinbase. there's a lot of different direction. it's a long-term story. i think buried in the crisis of robinhood is really the future of fintech. when they had a capital call, the recently took a settlement cycle, that's a really interesting piece that investors should watch. because i really believe that is a switchover from what's been now the fintech dollar, the payments, there really hasn't been much activity in capital markets technology, and this is a signpost, robinhood is the first step in this, very influential to the market. matt: this is one thing investors are weighing, when you disrupt an industry like this,

do you have a regulatory overhang to watch out for? >> there's no question. so what i will string to get to is, just think about the peer-to-peer challenge with coinbase, they can for you probably $500 billion in the financial system to make sure things settle. that is $5 trillion of balance sheet, 10x times. the equivalent of one federal reserve. they could actually get into that business, of peer-to-peer trading. there's a lot of things he could do. to justify a higher riley ration. -- a higher valuation. matt: bob sloan of s3 partners, talking to us about the way robinhood may change the way we view this and other businesses. this is bloomberg. ♪

>> we have a significant ship issue, but there are other supply chain issues as well. where have you seen other problems? >> particularly in home building supplies. lumber and all the related supplies, glue, adhesives. you see it playing out. home places are high -- home prices are high. if you go to home depot, you see that prices are high. that is because of lack of supply, disruption. ♪ ♪ mark: president biden is expected to announce later today that federal employees must

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matt: we welcome both are bloomberg and bnn audiences. the coverage of the robinhood ipo. we will discuss the trading debut with howard lynn's, and early robinhood backer. the ceo of robinhood, emily chang discussed regulatory hurdles facing the company ergo there -- earlier. we will continue to watch whether hood can close above its issued price. right now, it is trading at $37 .60. amanda: looks like a bit of a fight on a day when the momentum is mostly positive. some big selling in some places, facebook jumps out. financials and materials are real sources of strength, but

decent moves for consumer discretionary and tech. you can see in the 10 year, we did get some reaction in the yield curve to the economic data. it is sort of a grab bag of data. a bunch of stuff that you could take and use however want. it seems as though investors may be taking it in a positive way, even though we saw growth of slightly missing estimates but consumer missing -- spending strong and we saw the jobless claims's fall, but not as much as asked -- as expected. we did see a bit of the pop in the yield, which might have been more focused on growth. it is interesting to keep our eye on shares of robinhood. first at the bottom of the range. take the market right at that price paid we have seen a lot of ipo's coming to market in the last year, surging well above the offer price. this was even coming on an unusual starting date. we know there is a big retail investor trade happening and

always the potential for a bit of profit taking on day one. what are the longer-term prospects? what if anything changes for robinhood? howard lynn is with us. howard, robinhood can either be characterized as the great liberator of the retail base and the leveler of regular folks and old, greedy brokers, or it can be seen as a game of acacia and that glorifies daytrading and gambling. i think i know where you fall, but those are the two polarized views. howard: i am more of a storyteller. robinhood is a much bigger story. the ip the other day was just one day.

for people who like a little bit of history, people who have traded for a while remember the 90's when the internet was just getting started and yahoo! finance. we glorified, if remember e*trade commercials and's schwab commercials and people quitting their jobs, we had that era and daytrading was glorified. people today forget that, because that is what younger people do. they do not know the history. but there is a lot of history. people want to trade. after the crash -- the internet crash, we entered this era of passive investing, even third 2008 and that crash. i was surprised it took so long for robinhood to exist. it is a 2013 company. at the time we invested in

robinhood, passive investing was the thing. we were basically at a peak passive investing era. venture capitalists were pouring monday -- money into cloning the s&p 500. hundreds of millions of dollars were being invested in van guarding software. matt: it is considered a safe way to invest,? if you ask your average mom and dad, they would rather have you go into an index tracker that an individual name. howard: who would ask their dad? their dad had a cardboard box full of pens and coffee mugs. i do not know if kids are asking their parents or if they should. markets evolve. right now, the story is that

passive investing had its day. it is incredible product for people who do not need -- want to do the work, but i also consider it a form of lazy investing that created this corporate culture of greed. matt: don't you think it is dangerous if kids are putting significant amounts of capital into two rain or a brick-and-mortar video -- into two lane -- into dogecoin or a brick-and-mortar video retailer? when i say kids, i mean anyone under 40. howard: well then i am almost a kid. investing -- it comes with great responsibility. we live in america. these are phenomenal tools like robin hood, like snapchat, like tender. whether it is dating or trading,

there is incredible responsibility. at 18, you can drive a car. we talk about the internet and bundling and unbundling. we are just now unbundling the s&p 500, because kids, when you give them all these tools, this is the thesis, when you give people a tool that helps them understand a language -- that is all markets are, a language, chatter, emotion, numbers -- when you give people tools of the puzzle, they will do it. a lot of people thought these kids were just throwing emojis around. these kids are voting with -- amanda: i have got to get in here. there is obviously a positive aspect and positive way to characterize it.

i think you're being a little disingenuous to ignore the negative possibility, which is there is fraud, misrepresentation. by way of example, i was on stock twix promoting stock. i am not on stock twix, but my picture, my name -- there is a misrepresentation that is extremely easy. other platforms will find themselves regulated in a new ways, because fraud does happen. ignoring that, you do a disservice to the whole category. howard: i do not think i am doing a disservice. the internet is a wild west. the internet is not all balloons and birds. the president was *** hosting

for four years. the president was using -- the president was posting for four years. the president was using these tools. cannot educate people and saying, if you are going to follow someone without confirming who they are, maybe you should not be investing. i do not know how we protect these people, but by banning the product is not the american way. amanda: you are advocating responsibility. you own stock twits. you are a founder. i myself was a victim of misrepresentation and fraud. and you say people need to educate themselves, how can they educate themselves if there is fraud? is it not the platform's responsibility?

this is the question regulators will ask and lawmakers are going to come down on you with. it is your job to make sure you are protecting these investors. howard: this is the first i've heard of that. i know you are accusing me of fraud, but most importantly, no. there terms of use on stock twits. we are a private company, i am not an employee of the company. if you have a problem with stock twits, take it up with the community and i will happily help you there. we are here to talk about robinhood. i am not sure of the question. amanda: i was not accusing you personally, but there was a fraud perpetrated on the other users of stocktwits. that person misrepresenting me was quick to take it down when i called them out.

without trying to say is that there is the potential for fraudulent behaviors, speculative trading, exposure to risk that may go beyond the education level of the people involved. one possible answer is don't be patronizing, this is wall street thinking that only the girl guys can do it. on the other hand, there is some middle ground where people can get hurt. i am asking if you think the industry has matured enough to make sure the protections are in place? howard: there is no way on the internet, in real-time, to protect everybody. i do not know what planet everybody is living on, but we are here to talk about the power of these incredible tools. with great power comes great responsibility. in real time, especially when these are private companies. at the same time, do you know how easy it is to create an account and misrepresent somebody on the internet?

again, i do not know where we are talking about that. we are talking about an incredible tool. matt: but incredibly dangerous as well. this is a concern. we saw in front of congress. people, anyone can use robinhood very easily lose a lot of money. it is a gameification of investing and whether or not you think that is ok depends on your view, but does it concern you? howard: you are asking for my opinion. my daughter has a robinhood account. she has done phenomenally well following the right people and listening to her dad and listening to her dad and using common sense. i have never seen her day trade or use margin. again, i think 18-year-olds, we send them driving cars, into war.

i do not know really what your question is. matt: you have answered it. that is your take. i appreciate your time and thanks for joining us. it is definitely a game changer, no matter how you look at it. robinhood has changed the game on so many different levels, changed market structure, change the way institutional investors store stocks. it is certainly a new horizon for fintech. cofounder of stocktwits gives us his take. coming up, that ceo of robinhood . trading just about one dollar 50 -- $1.50 under its price. this is bloomberg. ♪

matt: this is bloomberg markets. we have seen a robinhood debut today, trading under its stock price. earlier, we spoke with vlad tenev. vlad: it is really humbling that six years after we launched our product we have over 22 million customers and are on this journey with our customers. allowing them to participate in the offerings. >> speaking of your customers, you said you would allocate 20 to 35% to robinhood's own users. we are hearing somewhere in the range of 20 to 25%. how did you get to that number? vlad: we certainly are proud to have one of the largest retail allocations ever.

the way that we think about it is that it is a long-term focus company. we are making decisions and big bets with the long-term interests of the business in mind. volatility comes and goes. we are not going to be commenting too much on daily fluctuations of the price. amanda: we are going to be talking about some of the regulatory issues that may face robinhood. coming up next. ♪

amanda: this is bloomberg markets. time for stock of the hour. robinhood is the pick today. this market debut a lackluster performance. we have with us dig whittle --

dave wilson and julie. julie, what does this represent? it may be a new chapter in its maturation. where do you place this? julie: it is very important. the company has been on a mission to prove its model and to prove that it works for the retail investor. what better way to show that than to put some of this stock in the hands of the retail investors. it is important that they are raising some money so they can diversify their revenues. that will take some time, but for them to move into less exposure to peer trading and more into management recurring themes would be a good thing. this sets them on that path. matt: we saw the trading kickoff level.

it immediately dropped. it is now come back a little, but it is that $36.50. dave, how big a bummer is this? we have seen this with companies that were not doomed. huber had a drop. facebook had an unenthusiastic opening day. but they also took a long time to recover. david: that is the risk. what we are seeing in the first day of rating -- of trading persists. if we were talking about a stock traded on robinhood and you saw this volatility, think about the main stocks, this would be nothing. given the focus on the company and on this debut, it gets your attention. we should note that 55 million shares sold in the as we speak, 77 million. you've got shares being flipped.

that may explain some of the volatility. amanda: julie, we have to acknowledge the metalevel conversation, which is there may be some changes on the regulatory front for robinhood and or other platforms like it. how much risk is there in owning the stock now versus what it might evolve into overtime? julie: two areas of risk. we classify wars headline risk. there is what regulators might do, particularly fcc's, gary gensler. there is some litigation out there. the analysts that i work with at bloomberg intelligence who specialize in those areas are not too concerned. payment for order flow will definitely be a topic of conversation. but that does not mean it is going away. any changes would be over the intermediate term, nothing immediate. litigation is more of a headline risk. may result in some more fines,

but we know the company has attacked -- the capital to hold up. matt: had a great conversation with bob sloan at as three partners earlier. he pointed out the disruptors often face these regulatory headwinds. certainly, that is what these kids are. disruptors coming, i believe from stanford. who controls his company now that it is public? david: that is the interesting part. we are talking about a company with two classes of shares. one vote for share -- one class in the stock that is trading now. and there is the second class with 10 votes to share. put them together, you're talking about 65% of the voting power in this company. it is the sort of thing we are used to seeing with tech companies like facebook or google. to sit with the financial company, it is different.

matt: hopefully, there will be a movie about this. the social network was pretty good, but i would love to see the scramble for capital when they had those, effectively margin calls. it has got to be an insane story. dave wilson, thank you so much. julie of bloomberg intelligence, great to get you on. we will have to have you on a lot more now. i'm sure we will be talking a lot more about this part of the market then we have in the past. -- than in the past. this is bloomberg. ♪

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