it is not happening on robinhood .ant to invest in stocks, and regardless of whether they do it on robinhood for any of the other brokers with zero commissions and low count and imams that is now possible. emily: on the point of gamification, your confetti animation that comps when users make certain trades, it is something that you have defended, but bloomberg has reported it is something you are thinking about potentially getting it of-- rid of. what is the status of that? vlad: i should say i'm a bit surprised by how much attention the confetti animation has gotten. it is literally an animation that comes up after you have made your first trade. you think from reading some of the commentary that confetti is flying through the app all over the place. the way we thought about it is the first time someone becomes an investor, and we do have a lot of first-time investors in our product, that first moment of buying a stock and becoming an owner in a company is a milestone moment that people should celebrate. so you will

this not only affected robinhood.ry company, or most companies that were offering stocks put restrictions in place to some degree. because nobody has infinite amounts of money. >> the wall street bets saga was a movement. the people who didn't previously feel they had a voice finding that they do have a voice and they can make an impact. and by raising their voices together, it can shine a light on areas of our society and in this case in our financial system where a light needs to be shined. >> dusty is now trying to start a class-action lawsuit after selling his shares at a 30% loss. alicia is still holding 200 of her original shares. >> i hope that this energizes people. it has put wall street on notice, and we got in the room in a system that is designed for you to never be in the room. and we are. >> it's a game that's still playing out with new winners and losers every day. and just last week, gme stocks soared again, surpassing its january 28th closing price. today it tanked nearly 17%. >> is the game over? i d

vollmer, dave robinhood perform in a rational, thoughtful way -- did robinhood perform in a rational, thoughtful way when everything was in a frenzy? >> they reacted in a rational way and they were as thoughtful as time permitted them, but they were under a great deal of time pressure with the sudden collateral call, so they reacted quite well and they did impose the trading restrictions, which they did not want to do, but they tried to relieve those when they could, but they collected collateral that they could put up to dtcc very rapidly. >> thank you very much. sen. brown: senator chester is recognized. >> thank you, senator brown. i want to thank everybody who has testified, i appreciate your time and thank you for being here. we have known for a long time that there are systems where companies make investments. sometimes, they make cuts. many of us agree that there would be benefits to systems where companies focus on the long-term and helping their communities and workers, not just short-term profits. i don't feel bad for those who lost money trying to gain the market but i am w

seems no end to the regulatory scrutiny robinhood is facing but despite the ongoing controversy, newests that the only brokerage has growth hotter than ever and downloads going nuts accelerating charlie gasparino you've got numbers ub tell us. >> numbers from a company called 42 matters, a swiss data company that tracks these things we also ran numbers by robinhood not denying them, by the way. and it shows two things extraordinary growth, in robinhood, particularly since the beginning of the year when this whole gamestop trading frenzy began and regulatory reaction came so remember two things going on here, and also for what we understand emboldening executives to push for ipo, we're getting timeing in a second let me move right off numbers remarkable, 42 matters since begins of the year downloaded 2.5 million times. compares to 5 million times, for the 10 months previous and 10 months he previous was off the charts as well. so this -- still not reached any saturation downloading robinhood using despite scrutiny again i said from what i understand, executives inside robinhood embold

the clue to robinhood's - and $100. the clue to robinhood's branding| and $100. and it happened right in front of your face, they blatantly did it and no—one can say anything. so that is when we were thinking, 0k, we should not make you know, we give brands and companies a voice all the time, let's try giving the little guy a voice to something we really are passionate about. tau are passionate about. you decided to _ are passionate about. you decided to fly _ are passionate about. you decided to fly a _ are passionate about. you decided to fly a plane - are passionate about. you decided to fly a plane over robinhood's offices in the bay area? ~ , . ~ area? we did, yes. i think robinhood _ area? we did, yes. i think robinhood catching - area? we did, yes. i think robinhood catching the i area? we did, yes. i think. robinhood catching the brunt area? we did, yes. i think- robinhood catching the brunt of this, like, they created an atari for themselves. they cashed in on the brand image of democratising trading and making it so that the average man can participate

coming up in the next hour, robinhood ipo.t is said to have filed confidentially, despite regulatory scrutiny and lawsuits, you can expect a head-turning valuation. we break it all down. aggressive and destructive cyberattacks of companies and governments on the rise. why haven't u.s. cyber forces stop them? what is really at stake. we speak to the former director of the nsa. amazon anoints a new head of its cloud unit, a company veteran to take the reins. we tell you all about him. all of those stories in a moment, into the markets. big breaking news about intel. ed, new intel ceo embarking on an ambitious plan for reinvention. >> intel is going to spend $20 billion on two new factories in chandler, arizona adjacent to existing facilities there. it's going to launch a new arm, they will build semiconductors for other companies. that puts it in direct competition with tsmc, widely regarded as the world's best third-party manufacturer of semiconductors. it's really interesting, it's an opposite strategy to what wall street was

there are definitely a lot of users on robinhood.many brokers doing good things executing trades at much better price not selling order flow. i think there is opportunity for brokerages out there to market share from robinhood. david: look, i want your best right. i will not do this because i have to hold stocks for six months as part of my job. a lot of day traders are wondering how they find the next gamestop, so forth? how would you advise them to do it? is reddit a good place to go for information, et cetera? >> my buddies always asking me how they should be investing. most retail investors have 80, 90% of your money invested inven long term where you won't lose money over time. the other 10% is home run-bagger investments. home runs keep the market interesting and adrenaline pumping. one stock i like transforming the future is derm tech. dmk they are doing the science for melanoma. the company is currently worth $1.5 billion. it could easily be worth $10 billion over the next 10 years. you put a little patch on your skin and cou

value that robinhood provides to americans.cited because trade republic will be a bigger, broader, better version. >> if that competitor has a bigger broader version, why aren't you bringing them here to compete with robinhood at a time when its reputation has fall noon tatters >> europe is a wonderful and interesting market in europe you can do things together, fuse together financial services in ways that the regulatory regime here doesn't allow. secondly, germans, for example, where it started don't have the notion of a 401(k) plan doesn't exist. to be able to buy into equities is like in the first ipings in europe it's an exciting opportunity right now. >> keith, julia boorstin here. we can't talk to you about reddit with also asking you about robinhood -- i'm sorry about reddit we can't ask about robinhood without asking you about reddit. you used to be on the board of red ids. you departed in 2019 i'm so curious as you look at this wave of individual investing, really taking off the role that reddit has played there, part

. >> i used robinhood in 2016. >> reporter: he decided to leave robinhood after game stop. >> a reveltwall street. >> reporter: that is when lick stockholders battled. >> they were trying to stick it to the man. >> reporter: robin hood made news for restricting people's trade. >> i was uneasy, so i wanted to pull out and transfer. >> when he clicked to withdraw, the transfer failed repeatedly. >> it tried and it said rejected, rejected. >> reporter: jake call us. he is not anot. and another man also contacted us. >> i wanted the share, about $30,000, and that was essentially just stuck in robinhood. we found at least 11 other people complaining about similar problems. next, we contacted robin hood, and within a few hours, his account was fixed and he was able to withdraw it. >> that's awesome. thanks for looking into it, and i reelly appreciate it. >> and for sanjeed, 30 grand unlocked within an hour. >> i'm so glad it worked. >> reporter: we asked robinhood what happened. and the rep said, we do not share details. now they are in the market for a new broker. we turned to nerd wallet's

you cannot talk about robinhood and reddit without talking about short sellers, right? >> exactly. senators on both sides wanted to know exactly what regulations he would put into mace and what reviews would need to happen because of what happened with the gamestop trade and reddit, but specifically on robinhood. now, he talked about it from the investor side of this. he said he wants to protect the investor. he never once mentioned the loss of money from the big firms on the other side of this, the short sellers, but he did say he's interested in looking into the amount of information that's collected by robinhood, where that money goes -- or where that information goes and if there's money changing hands if it's sold. he also wanted to look at the order flow and payments for that. listen to this. >> what if a company, through the natural economics of network economics, collects and concentrates and dominates a field. we heard in congressional testimony a week or ago that one firm now has 40-50% of the retail low. and so what does that do to the pricing of capital in this country.

we thank you on the latest news on robinhood and the fed. we will be digging into federal reserve policy changes. this is bloomberg. ♪ >> we did our part to secure the integrity of the election, and then on january 6, president trump gave a speech rejecting the results and calling on people to fight. i believe the former president should be responsible for his words and the people who broke the lock should be responsible for their actions. our response abilities to make sure we build effective systems -- >> did not answer the question for mr. pichai, yes or no? >> we always see a deep sense of responsibility, but we work hard this election, one of our most expensive efforts. >> is that yes or no? >> congress meant, it is a complex question -- >> ok, we will move on. mr. dorsey? >> yes, but you have to take into consideration the broader ecosystem. it is not how the technology platforms are used. joe: there you have some of the online conversation from d.c. today--enlightening conversation from d.c. today. let's bring in a former sec google p

maria: you really took the ceo of robinhood to task when you interviewed him to talk about how the companyided to put restrictions in place on stocks that were being traded, your take on where we are now with gamestop is. [crowd boos] i was furious, i got killed, i drew away from it maybe not think it was criminal but more on the incompetent side and he really didn't have robinhood prepared for this possibility which i think you should've been able to see i don't think it came out of nowhere it was building, the ipo i certainly think it played a factor in the decision that they made an almost after my interview and my take away every answer we had to protect the firm, protect the firm, protect the firm and it was not about protecting our client, i get if robinhood collapsed and didn't have the money all the clients would be hurt but again every decision he made i think was how do i protect robinhood he didn't show much sympathy or concern in my mind for his client base and that is a trust issue they will have to address at some level. maria: how do you protect the client that wants to push

beyond and pepsi will be big >> robinhood canning the controversial confetti on its trading app afteriticism. here is how the ceo responded at february's house hearing >> confetti talls every time they place an order. they get push notifications. they are encouraged to trade if a trend signs up, they get a free stock, on and on. why have you added specific gaming design elements to look like gambling to your app? that encourages more frequent trading. >> congresswoman, as i mentioned earlier, we want to get people what they want in a responsible, accessible way we don't believe in gamification >> you will see the con fefetti that the app used sth d to shown the right is the update. if you're not showing confetti when you sell, which i'm told they did not do then you're subliminally telling people buy, buy, buy >> right the number one reason that people were trading a lot on ro robinhood is it made stock trading free for first time. that's the big factor. there were things they were doing that led people to want to do it even more. showing people confetti does give the whole thing a ce

robinhood had no comment, but did not deny anything i said. by them bullet by bullet. they're clearly looking at the it. maybe they go through with it because they see the regulation, so they need to tweak their business model if they're going public. time will tell. back to you, lizzie, and enjoy the convention, by the way. liz: okay. yeah, i'm there. concrete. cement. >> is that for of a mafia convention? cement? get it, cement shoes? liz: charlie! charlie gasparino. >> i can see that. liz: sleeps with the fishes. [laughter] thanks, charlie. yeah. a jewish girl can say that. >>> there is now some $1.6 trillion in student loan debt outstanding owed by 45 million americans. what if i told you there's one state that's ready to wipe about $40,000 off your student debt? there's a catch, but it might be one debtors are ready to embrace. where and how does it work? 9 with the closing bell ringing in 39 minutes and the s&p down just 2.7 points, we're coming right back to tell you about the open door on where and what it entails. ♪ ♪ ♪♪ (car horn) ♪♪

if robinhood were to send those trades to a linked exchange you're telling me that they would get worse call a price improvement statistics it's all publicly available. in 2020 all of the wholesalers, virtu, sigma, susquehanna, we provided $3.7 billion of aggregate price improvement to retailers in this country. that's what is so frustrating. because of innovation and competition it means that a retail investors can go on one of these little things and for zero and get a price that is on the screen or better than what's on the screen, right, and get that done instantaneously, right? we should be celebrating the efficiency and competition in the market. >> so, doug, again, you can tell me that i'm wrong. the narrative that's being created here is that this is a facebook situation. >> yes. >> that the customer is not -- that robinhood's customer is not actually the end user. robinhood's customer is you because you're the one paying them >> no, it's actually the opposite of facebook zero client information. i've seen that narrative out there. you mentioned it the other day on tv. which is

robinhood apologized to the

. >>> plus the big move bay area-based robinhood is now making on wall street. 4:41. we'll be right back. i embrace getting older. i'm so much more confident now. but i don't love that as i age, i could develop gum issues. new colgate renewal reverses early gum damage, for a beautiful, revitalized smile. i can't wait to see what comes next! reverse early gum damage with new colgate renewal. i'm made to move. but these days, i'm not getting out as much as i'd like to. that's why i take osteo bi-flex. it helps with occasional joint and strengthens my joints for the long term. because i'm made to move. majestic mountains... scenic coastal highways... fertile farmlands... there's lots to love about california. so put off those chores and use less energy from 4 to 9 pm when less clean energy is available. because that's power down time. >>> good wednesday morning. right now it is 4:43. make some plans to head out to the park today. it won't be as windy as it was yesterday and we'll still keep the sunshine with milder temperatures in martinez reaching into the upper 60s for

and does that hurt robinhood? wants to make sure we align ourselves with long-term customer outcomes. we have been saying the entire time that investing is a habit, it is a skill. we encourage people to get started early and build up these habits over a long time. i am personally a huge believer in long-term investing. what the product allows customers to do is to set up recurring investment, where you can buy a stock and can deposit and bite recurring investment over time. that way you can build up in a diversified a. -- up a diversified portfolio. a lot of this makes into the public discourse because it is more interesting and a user to talk about than someone building up a diverse portfolio over time that is how most of our customers use our products. most of our customers aren't buying and selling on a daily basis, they are building up portfolios. that is, i think, how the bulk of people will continue to invest and how most people will think about investing in the future. >> robinhood's ceo speaking with emily

. >> robinhood. >> ipos.e really trying to muscle in. >> robinhood filing for its own ipo. and they want to give their customers pieces, that's what you're referring to. there is anthony noto by the way, coming up a little bit on squawk alley. >> he is >> he is what do you think about, what do you think about what robinhood wants to do for -- >> i think - >> getting access to the action. >> i think this is why they're trying to get, the boardmember trying to get through governance but the thing they're trying to not be is just an app. lately the articles are saying robinhood, the app and that has no attraction to people you have to be more than the app. so this makes them robinhood, the broker and that's what they need. >> a little bit of everything. >> where's vlad? >> the last time vlad made a splash was in that incredible portnoy interview on twitter. >> i watched that. >> where he showed, and portnoy, was, didn't wish him good luck, kind of was shocked though he was there, and vlad went radio silent. >> w

thank you, deirdre bosa. >>> we do have some breaking news on robinhood.ntially filed for an ipo with the s.e.c. this is according to sources familiar with the matter robinhood did decline to comment, but sources also told cnbc in recent weeks that robinhood has picked the nasdaq for its listing venue. this of course is one of the most highly anticipated ipos of the year and to put it in context, the company has seen a ton of growth during this retail boom. it was last valued around $12 billion. i'm also told by sources that the price tag at listing could be up to four times that amounting. but again, robinhood on its way to an ipo, confidentially filing with the s.e.c guys, back to you. >> thanks so much for that one, kate >>> goldman sachs meantime taking new steps to help burnt-out bankers and now citi is doing the same. find out if the company's new zoom-free fridaywis ll create a healthier work environment we'll discuss all of that coming up next. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of

he said the robinhood is a technology issue. one has to be dealt with.he viewpoint he took to all of this from the position of the consumer the investor whether everything was on the level there. he did not mention any firms that lost money on the shorts, only worried about the consumer and the investor. also gensler pledge todd look into playing for other flow. >> technology changes, market changes, but we should always vail wait of new markets and payment order flow is something i think the recent events rightly pointed out raises, it is important to look at economically and look whether retail investors are getting best execution. reporter: among the priorities he wants to champion is transparency. having companies transparent about climate change risks and possibly disclose if they used renewable energy and how much. listing their political spending and pay for executives. he may also require more transparency about disclosing what stocks firms are shorting. gensler says he wants to invest or the investor to have as much information as possible. the

coming up, the robinhood ceo.ur inclusive -- exclusive interview with the robinhood ceo. this is bloomberg. ♪ anna: welcome back. 41 minutes into the session. the ftse 100 and the dax are fairly flat. let's get to diversity and an effort to diversify the banking sector. u.k. lenders lost women from their workforce. the biggest bank pushed ahead and adapted to covid-19. joining us now is one of our reporters. it is important to separate these two drivers. the impact to covid-19 and women's willingness to step away from the labor market. then, you also have long-running plans to close down branch networks which might fall disproportionately on women. a lot of different factors here. >> yes. absolutely. we have analyzed the data and, using the reports and that disclosure from the biggest banks and we noticed this trend where basically the number of women shrunk by 2% compared to the decline in the mail workforce. yes, they are absolutely different drivers. the homeschooling and the whole deal, the duties that women d

interesting to note robinhood is still on track for going public despite the controversy earlier thisear. we see a light at the end of the tunnel, with the stimulus plan. why is tech feeling this pain? >> the darlings of the pandemic are out. jump with me into my bloomberg and look at this chart. it shows the percentage decline of the nasdaq since the february 12 record. a technical correction is when an index. percent. you see the white line in the far right-hand chart read we were so close to that. the picture really improved toward the end of the week. what is happening, names like telecom, xoom -- peleton, xoom, they have fallen like 20%. they were favorites during the pandemic with so many of us working from home, exercising from home. investors favor those stocks that would benefit from the end of the pandemic, a reopening, the successful rollout of a vaccine. things that get us from out of our homes. can you imagine that, normality ensuing? those darlings in the tech sector are kind of less impressive now. there is less shine on them. that is particularly true of xoom. the big

big ordeal. >> reporter: a law enforcement source tells cnbc at least four investment platforms, robinhoodritrade, fidelity is being targeted it's coming from the paycheck protection program and the economic injury loan disaster program. special agent in charge roy dodson won't discuss specific companies but he tells cnbc $100 million has been funneled into investment accounts. the platforms are making it harder for law enforcement to trace the funds. financial crime expert explains the massive scale of the pandemic relief funding has created a frenzy of fraud. >> i would call it the financial crime bonanza act of 2021 because it presents organized criminals, even run-of-the-mill criminals with a golden opportunity to rip off millions and millions of dollars, enrich themselves rather than that money going to the purposes that congress lays out. >> detective penia led the investigation into marc's case and is part of a federal antifraud task force a lot of people that are doing these frauds are younger platforms like robinhood are just easier to push money in and out. for heiberg, the worry

i'm sure robinhood faced criticism.g guys get you are supposed to be democratizing. the one missnomer is they don't get allocation this is done through brokerage >> it is not much. >> it is not much when you think of the number of retail investors. >> right the percentage that goes to retail investors and the percentage that is retail -- yeah >> right actually the rule of thumb on wall street is the hotter deals you actually have a smaller allotment for retail maybe you need to offload stock. that is what happened with facebook gave too much to retail. retail is offering in at high prices turning it on its head, it is not you have to investors of who gets the allocation. investors can say we are willing to pay high prices that decision comes down to the issuers and banks. they have put together what is known as the book. they say here is who we want to buy into the deal. the idea that it is up to robinhood to democratize, it may have more control with the ipo i don't see how they do that without buy-in ahead of time. >>

but i love that robinhood app that's a free investment investing website where you get a -- you knowhave lighten me up i have a retirement account but it is free fund investigationment on robinhood if i get ?uct racket hole like sometimes twice an hour checking this stock and i love it on top of that as a second i love investor business daily. which helps get into robinhood kind of crazy. >> grad to hearing all of the -- >> great outdoors. >> watch out for the bears. >> exactly we have to leave it there right back here 5 p.m. for the big sungdz sunday show. here's "fox report." lawn mowers from both parties travel to texas to get an up close look at the border crisis this as number of unaccompany children in u.s. custody swells to more than 18,000. good evening i'm jon scott and this is the "fox report." ♪ ♪ jon: a house delegation of mostly democrats visiting a processing facility in el paso today. it comes one day after a gop senate delegation made a similar trip to a facility in donna. lawmakers criticizing the overcrowded conditions, as border control, patrol braces for even more

it's not just robinhood investors.at the short squeeze on gamestop hurt some hedge funds, but there were hedge funds participating in that squeeze. sophisticated investors were a part of that, not just a bunch of guys in their mom's basement trading on a robinhood account. cheryl: yeah. >> and one of the reasons why is they can afford research that comes out of places like s3. and so be prepared for that white pauper to come out. -- paper to come out. it's ironic that it's come out a day before gamestop is having quarterly results tomorrow, and that's going to be a story that's fascinating for a lot of reasons. i think they're going to have to explain, if they're such a great company and their stock is trading, i don't know, around $200 a share today? cheryl: 192, yeah. >> yeah, okay. so they were a penny stock in the summer. if the company's so great, why respect they raising capital? what's going on over there? what's the business plan? that's a separate story than this, but it'll be interesting. and in a sense it's

our next guest is invested in or successfully exited companies line venmo, robinhood, pinterest and slackent is crypto. joining us is jill carlson of slow ventures. thanks for the time and great to see you. >> hi. so great to be here. >> i got to get your broad view first. it's been a remarkable week on wall street when it comes to crypto because it seems like every day a new investment firm, this week morgan stanley and bofa, trying to make an senutioa call on where it fits in a diversified portfolio. what's your view >> that's exactly right. that's been the story of the last year as institutions finding crypto and bitcoin specifically in my view, all of this, whether we're talking about start-up valuations, whether we're talking about spacs, bitcoin, crypto currency broadly, ntfs which you've covered extensively on the show over the last couple weeks part of this broader trend of having so much capital in the system and investors reaching for return, further and further out the risk spectrum and you're seeing institutions respond to that rightfully so. that goes for treasuries, that goe

. ♪ emily: robinhood launched in april 2013 with the stated mission to democratize investing. the legendary outlaw who stole from the rich to give to the poor. thanks to a slick interface, no commissions or minimums, the idea is anyone anywhere can invest in thousands of stocks just like the big guys. >> you don't need to become an investor. you were born one. emily: but taking on wall street has led to test after test. >> robinhood and interactive brokers are all experiencing

this next line i think is just as important, robinhood.y are talking about building a platform so that users, you and i if we wish, and by straight into ipos. that's interesting. how does it work? susan: and then i have a few questions for you afterwards in terms of pricing. robinhood said they want to give retail investors access to hot unicorn ipos at prices that wall street gets, so they are looking to democratize the ipo process especially with the one-day debuts of over 35% last year, highest since the.com. bubble. why shouldn't people like me and you get those? average people don't usually get allocations with the big ipos because it usually goes to the big hedge funds and wales robinhood has a story because they have a collective 13 million account with market power and they drive a lot of the trading volume every day and of that could average traders more access. also, so five is looking to do the same thing. they say clients with at least $3000 in their account can enter the amount of shares they want in these ipos. the output wil

u-s-a-a >>> we have a news alert right now on robinhood leslie picker has the details.m several sources that robinhood has selected nasdaq for its public listing. that is an indication that it's inching closer to that listing as select of an he can change is usually toward the end of that process. i am told they have not yet confidentially filed but they are getting closer to that point in time. it is unclear if they have decided to pursue a direct listing or a traditional ipo at this stage but of course that s-1 gets filed regardless of the method the nasdaq and robinhood have both declined to comment on this back over to you, morgan. >> we know it is not a spac. leslie thank you. >>> the nasdaq capacity making a v-shaped recovery. down 2.5% at the low of e dathy. right now up more than 1%. we will be back with more on the markets, coming up sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use t

. >>> move over robinhood, there's a new trading app in town hoping to mow down the competition. dow down 106 we're back after this. machin we see engineers simulating the future to improve today. at emerson, our digital twin software makes power plants smarter, helping facilities optimize operations and increase worker safety. emerson. consider it solved. wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth. mom and dad left costa rica, 1971. and in 1990, they opened irazu. when the pandemic hit, pickup and delivery was still viable. and that kept us afloat. keeping our diners informed on google was so important. the support from our customers, it honestly kept us going. i will always be grateful for that. . >>> all right. welcome back to the exchange ove

so far, robinhood has not commented on the latest report.elity has applied to list a bitcoin-exchange traded fund that would track the cryptocurrency, pricing based on u.s. exchanges. several other bitcoin etf proposals in the u.s. have failed to win approval from the sec appeared we will see if fidelity can change that trend. for more, the technology hearings out of washington, we are looking at the implications the spread of misinformation has and what it means for democracy, next. this is bloomberg. ♪ want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and st

they will be holding a hearing on robinhood is the stimulus checks goes into the hands of households. they will be discussing and possibly voting on the stimulus bill, the $1.9 trillion effort. the focus is what next do you have for me. at 1:00 p.m., i know you will be focus on this, the treasury department is getting $120 billion of debt sales this week, including a $50 billion group of three year notes i come today. interesting to see where the demand will come from, the federal reserve, foreign investors, or will it come from the likes of pimco and blackrock? we are possibly seeing signs of value after that incredible selloff giving way to yields that have been higher than the past year. tom: what were going to do is we are to stop the show. it if you need any proof on this, liz goldenberg can explain that i don't like auction chat. she and i got into a raging battle -- i believe you guys are the experts on this and we have three coming up. why is this important? jon: a lot of people have been talking a indigestion for quite a while. a supply alone is not what drives the treasury m

a lot of people that are doing the frauds are younger, he tel us platforms like robinhood are easieroney in and out. the worry is what other frauds could be going on in his name. >> my good name means everything to me. i worked my whole life i worked 31 years for the same company. i've got boys. i've got family. i want their names to be in tact as well. >> we reached out to all four platforms. they say they have tough anti-fraud protocol and confirmed they have been working with law enforcement with what appears to be an industry wide problem. e-trade did not respond and chase, where a fraudster was able to open an account, the bank said it flagged the account and fraud and pblocked a transfr of funds to robinhood. >> what can the platforms do better with making sure this kind of thing doesn't happen in. >> law enforcement tells us it wants the platforms to do a better job and know their customers by verifying the clients and monitoring the new accounts especially those receiving the small business association funds. keeping an eye on fraud alerts related to covid the idea is a commu

become public, robinhood plans to car r carve13000000 shares for its own ipo.s given jane's $108 billion in assets under management right now. how do you allocate that money? >> i would show caution around that. we saw what happened in the retail frenzy that continues to create tremendous volatility in the shares of a company by the name of gamestop and other companies around the robinhood space like royal caribbean and others and so to be a allowed to take advantage of pre-ipo pricing on some of these stocks that already are set up to be bid higher on their open than what the investors prior to the ipo going public is priced at is only going to create even more fever pitch in some of these stocks and perhaps in some cases deservedly so because they may be underwriting very good companies with very great prospects. on the other hand, it could create an environment in which the share price, particularly if it's a smaller floated company with regard to overall capitalization, it could be manipulated and moved around by a banding together of retail investors that

at the hate of the mania, robinhood placed rating restrictions and raised $3.4 billion of funding as it struggled to match clearinghouse requirements this will convert into equity at the time of the ipo at a 30% discount > >>>. >>> zoom reports its fourth quarter results after its close in the u.s. today capping what's been a momentous year for the video conferencing software group. zoom shares have surged over 250% in the past 12 months, but sold off last week as the market rotated away from big tech names towards value stock. this week we'll offer more insight into the state of the tech sector with the likes of box, and others coming daniel ives from wedbush securities joins us now. great to have you on the program. thanks for waking up so early. give us your take on zoom, what is, perhaps, the ultimate poster child for the work-from-home trade. >> yeah, work from home, really zoom is the poster child but i think there's been a misnomer that growth is going to fall off a cliff here. we're going to see some moderation of growth, but in our opinion, it continues to still be massive s

the company is a trading competitor to robinhood.ad to be here, thanks, wilf. >> so the retail revolution, let's look back a little bit first. how do we get to where we are today? >> yeah, well, from my point of view, this is something that's been happening for quite a long time it's not just something that happened on january 28th we've been working towards this for many, many years i think -- i think three most specific things actually was when the world went to zero commission as number one schwab, fidelity, td all announced pretty historically that commissions were now going to be zero and this put in a whole new 1wave of investors. then we had the second obvious wave which was covid people had more time people had more time to learn about the market, to actually open up that brokerage account that maybe they have been putting off for years and entertainment wasn't around. there wasn't any sports books anymore. there wasn't gambling. so the one thing that remained open was the stock market. of course you also had every night peop