The Journal. How Robinhood’s CEO Became a Cult Hero
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Dec 16, 2025 
Hannah Erin Lang, an investigative reporter known for her work on Robinhood, dives deep into the trading app's journey under CEO Vlad Tenev. They discuss the boom in risky investing tactics and how Robinhood's commission-free model transformed retail trading. Hannah shares insights on the fallout from the GameStop frenzy, the app's pivot towards high-risk products like zero-day options and cryptocurrencies, and the company's branding shift to make investing feel like entertainment. This discussion highlights the growing influence of retail investors and the future of trading.
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Showman CEO Rebrands Trading As Racing
- Vlad Tenev entered a Las Vegas conference in a race-car jumpsuit and branded sneakers to hype Robinhood as a tool that helps traders win.
- He explicitly compared trading to driving a race car and pitched Robinhood as the finely tuned machine traders need.
GameStop Turned Robinhood Into A Flashpoint
- Robinhood rose by offering commission-free trading and became central to the 2021 GameStop saga when retail investors drove extreme volatility.
- During the peak, Robinhood restricted buying, leaving customers furious and thrusting Vlad into congressional scrutiny.
Maui Break Sparked A Strategic Reset
- After a poor IPO debut and takeover interest, Vlad took time off in Maui and reflected on the company's strategy and weaknesses.
- He decided to rebuild Robinhood focused on the active traders who generated the most revenue but were most frustrated.