Elon Musk JUST Confronted Robinhood CEO | GameStop Crisis! [Clip]

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로빈후드 CEO가 2021년 1월 게임스톱 급등 당시 NSCC의 약 30억 달러 증거금 요구로 일부 종목 거래를 제한했다고 설명. 이후 7억 달러 납부, 그리고 자본 조달로 완화 예정이라 밝힘. 일론 머스크는 시타델 압력 의혹을 질문했으나 CEO는 이를 부인. 유튜버 Kevin은 음모론 및 로빈후드 소통 문제를 비판하며 시청자 의견을 전함. 영상 전반은 특정 자산의 가격 예측이 아닌 사건 설명 중심.

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01. glad to stop impaler yes come on hey guys thanks for uh thanks for inviting me up it's good to hang with all of you smart all right robin hood what really happened yes all right well i was actually hoping that uh you would invite me up for the fermi paradox part because um this has been a very surreal weekend and this week for me um one of the really great things is all the people coming to coming out of the woodwork to offer support for the company uh offer you know advice so um i got introduced today um and actually i should say i just randomly downloaded clubhouse a couple days ago just to see what it was all about so this is my first time literally using the app but um come on man i uh i got introduced to uh your friend antonio elon who say sorry for me and explain introduce me to you you had some great advice and then i figured you know good i heard about this clubhouse and uh this has got to be part of the simulation so i just uh thought why not so here i am okay so i'm actually um i'm actually an adherent to the simulation hypothesis all right well it's full of beans man what happened last week why do you uh stop here why can't people buy the gamestop shares the people demand an answer and yeah i want to know the details and the truth yep yep um okay so let me let me start by giving a little bit of background um so i'm the chief executive of robin hood ryan is actually i'll go through this quickly don't worry this is this is uh this is important um it's actually a couple of companies so there's a an introducing broker dealer uh called robinhood financial and that basically is the app that you uh know and love it processes trades uh you're a customer of robinhood financial then there's a clearing broker dealer um robinhood securities that clears and settles the trades and then we have robin hood crypto which is our crypto business all of which all of these are kind of different entities that are differently operated so basically wednesday of last week uh we just had you know unprecedented volume unprecedented load on the system uh a lot of these you know so-called meme stocks were um you know going viral on social media and people were um people were joining robin hood and there was a lot of net buy activity on them um as you guys all know and robinhood at this time i think was number one on the ios app store um and uh pretty close if not number one on on google play as well so just unprecedented activity um and so thursday morning right so i'm i'm sleeping but at 3 30 a.m pacific our operations team receives a file from the nscc which is the national securities clearing corporation so basically as a broker as a clearing broker um and this is where robinhood securities comes in we have to put up money to the nscc based on some factors including things like the volatility of the of the trading activity concentration into certain securities and this is this is the equities business so it's based on stock trading and um uh not options trading or or anything else okay um so they give us a file with the deposit and the the request was around three billion dollars um which is you know about an order of magnitude more than what it typically is right that's like 10x 10x no no why was that so high like this seems like like it sounds like this is an unprecedented increase in uh demand for capital um what formula did they use to calculate that well um yeah and just to give context you know hood up until that point has raised uh you know a little bit around two billion dollars in total uh venture capital up until now so it's a big number like three billion dollars is um is a large number right so um basically the and you know i the details are we don't have the full details it's a little bit of an opaque formula but there's a component called the var of it which is value at risk and that's based on kind of some fairly quantitative things although it's not it's not fully transparent so there are ways to reverse engineer it but it's not kind of publicly shared and then there's a special component which is discretionary so that's that kind of acts as a multiplier and basically discretionary discretionary meaning like it's just their opinion yeah they're uh it's it's a little bit i mean i'm sure there's there's definitely more more than just their opinion but um basically i mean i guess did something maybe shady go down here like like it's like it seems weird that you'd get a sudden 10 billion dollar demand you know three three three three in the morning sorry how much yeah three it was three billion us dollars okay three billion around you know just suddenly out of nowhere um and uh what i wouldn't i wouldn't impute shadiness to it or anything like that and actually you know the nstc was reasonable subsequent to this and you know they've been they've been uh they worked with us to um to actually lower it so um it was unprecedented activity you know we don't i don't have the full context about um you know what was what was going on in what's going on in the in the nscc to make these calculations but um yeah essentially is anywhere is someone holding you hostage right now no no i'm okay yeah um thanks for asking but anyway so this was uh this was obviously nerve-wracking and i actually was asleep at this point you know the operations team was uh was fielding this at three o'clock and then um you know we got back we put our heads together um you know our chief operating officer basically said look let's call up the higher-ups at the nscc and kind of figure out what's going on good maybe there's some way we can work with them yes and um basically there was another call and they lowered it to something like 1.4 billion dollars from three so okay we were making some progress right and then but it's still a high number and then um we basically proposed well let's let's explain how we plan to um let's explain how you know we'll manage risk in these symbols throughout the day right we proposed marking these volatile stocks that were kind of driving driving the activity position closing only and then at about an hour before market clo market open so 5 30 or 5 in the morning 28th they came back and they said okay uh the charge is or the deposit 700 million which we then deposited and paid promptly and then um everything was fine um so that that essentially explains why we had to um we had to mark these symbols position closing only and also why you know we didn't want to we knew this was a bad outcome for customers um you know part of what's been really difficult is um robinhood stands for you know democratizing access to stocks and yeah we want we want to give people the access so that's been very very challenging um but we had no choice in this case we had to conform to our regulatory capital requirements and so the team did did what they could to make sure we were available for customers why didn't he say this then who controls this organization this clearinghouse yeah um you know it's a it's a consortium it's not it's not quite a government agency somehow you know i i don't really know the details of of uh of all of that okay but you know and to be fair like we were we were uh i think there was legitimate sort of turmoil in the markets like these are unprecedented events with these meme stocks and you know there was a lot of activity so there probably is um some amount of extra risk in the system that warrants higher higher requirements so it's not entirely unreasonable um but we did operational processes to make sure that customers that had positions could sell their open positions because obviously restricting someone we got a lot of questions about okay you had to restrict buying why didn't you also restrict selling right and the fact of the matter is people get really pissed off if they're holding stock and they want to sell it and they can't read so true i think that's that's categorically worse so um and lots of other brokers i think were in the same situation robinhood was in the news but you you sort of heard this industry-wide right other brokers uh basically restricted the same exact activity all right so it sounds like this this organization calls you up and they basically have a gun to your head either either hand over this money or or else um and so because i mean like basically what people are wondering is like did you sell your clients down the river or do you have no choice right if you had no choice that's understandable yeah but then you know we got to find out why you had no choice who are these people that are saying you have no choice yep yeah um i think that's fair you know we have to comply with these requirements financial institutions have requirements um you know the the the formula behind these requirements um i think um it would obviously be ideal if there was a little bit more transparency so we could plan better around that um you know but to be fair we were able to open and serve our customers and um you know 24 24 hours later our team raised over a billion dollars in capital so that when we when we did open uh well when we do open tomorrow morning uh we'll be able to kind of relax the stringent position limits that we put on these securities on friday will it be any limits well i think there's always going to be some theoretical limit like we don't have infinite capital right and on friday there were limits so there's always there's always going to have to be some limit i think the question is you know will the limits be high enough to the point where you know some they won't impact you know 99.9 plus percent of customers um so if you know if someone were to deposit a hundred billion dollars and and decide to trade in one stock like that that wouldn't be possible you know right all right okay say sorry god apologize all right well i guess people really just want to know you know if you had no choice then that then you had no choice uh i've gone through that um and you know then that's understandable uh but then we'll put that gun to your head should you know be willing to answer the public true yeah listen and uh you know i know there's there's processes this is unprecedented times and to be fair to those guys they've been reasonable so um don't say they're reasonable they sound unreasonable that is maybe not clear to people is robin is a participant in the financial system so we have to work with all of these counterparties so we do get a lot of questions about you know why do you work with market makers why do you work with clearinghouses vertically integrating and getting um i mean it's hard enough to build a introducing and a clearing broker dealer not too many people have done that but the financial system that allows customers to trade shares is sort of a complex web of multiple parties and um you know it's it's hard to hey everyone says it could be better it could be improved um it's it's just the necessity of of trading equities in the u.s that you have to do all these things all right to what degree are you beholden to citadel oh i mean like like basically if something is unhappy then then what happened yes elon yeah so that you know there was a rumor that uh citadel uh or other market makers kind of pressured us into doing this and now that's just false right um market makers execute our trades they execute trades of of every broker dealer um no this was this was a clearing house um this was a clearing house decision and it was just based on the capital requirements so from our perspective you know citadel and other market makers um weren't involved in that okay but wouldn't they have a strong say and and who got put in charge of that organization since it's an industry consortium not a government consortium or not a government regulatory agency um i i don't have any reason to believe that i think that's just like you know then you're getting into kind of the conspiracy theories a little bit so i just have no no reason to believe that that's the case you know okay all right um well so we'll see what happens with future attractions um hopefully that was insightful and at least a little bit entertaining are you not entertaining um yeah um okay well um i i don't know what to say first of all vlad uh thank you so much for jumping on i know it's pretty late and uh thank you so much you know deep you know i deeply appreciate it and i'm sure everyone in the audience here and watching elsewhere deeply episodes so thank you so much really appreciate this um i'm gonna wrap this up uh elon uh what can i say you know uh thank you so much i'm i'm gonna recap so stick around for your first time on clubhouse do you have fun yeah it's great this is awesome i didn't even know existed a week ago so it seems cool awesome so would you come back uh yeah all right okay well uh you know thank you so much and also thank you everyone for listening and i know we went way over elon um elon we um every time we do this show we try and pick a song um that fits the person interviewing so i'm gonna play us out of the show with a song that i think you might like gary hit it there you go nice okay cool all right they're taking off okay let's do a really quick recap here that was really interesting about robin hood so i'm gonna just do a really quick full recap here sorry to my call of duty friends i'm gonna go hide in a corner really quick while i do this because this was really insightful okay so here's what just went down folks hold on let's recap this and uh let's let's dialogue a little bit so i got the chat up uh let me know if you've got questions thank you for hear shout out oh my god dude come on you can't put you can't put the political meme in your title oh you guys are hilarious okay uh let's uh let's jeez man um all right let's uh let's quickly recap what the heck just happened here so uh let's see okay elon musk on robin hood so here we go okay all right hey everyone me kevin here all right so elon musk just spoke with a vlad basically the ceo of robin hood i just call him by his first name because it's easier so vlad ceo of robin hood gave really cryptic answers to what the he double hockey sticks is going on at tesla or has been going on at not tesla cheese what's been going on at a robin hood uh last week specifically what happened on january 28th which was my birthday and he gave cryptic interviews on bloomberg cnbc and cnn and literally on all of those interviews he ended up looking worse his position worsened he got called the sheriff of nottingham he got called out for potentially siding with citadel they took all of the blame at robin hood saying well we're trying to protect the customer and it felt like we were getting fed a load of attorney printed bs to cover up some bull crap citadel intervention that was going on because citadel represents around 40 percent of the order of business or income that robin hood gets and citadel bailed out melvin capital which melvin capital had a crap-ton billions of dollars invested in shorts short positions on gamestop so when gamestop shorts get squeezed like crazy what happens boom melvin loses a ton of money melvin gets bailed out by citadel city's like citadel is like crap we just made a 2.75 billion dollar investment into melvin the further this goes down the tube the worse our investment looks and that led to these conspiracy theories that basically robin hood is potentially getting pressured by citadel to go hey look you know as if i'm citadel here okay citadel goes hey look we're citadel we robin hood that isn't a citadel pretend i'm sitting okay robinhood we give you 40 of your business we just had to bail out your boy melvin capital because you got all these kids buying these meme stocks you're screwing us over here 2.75 billion dollars is what we just invested to protect the dude who's losing his pants the shorts you got to do something robin that's the conspiracy the conspiracy well robin hood basically cave to pressure because citadel is one of their biggest customers uh and sources of revenue and basically robin hood had to limit trading to satisfy citadel well earlier today i mentioned this in the interview with david lee and i've mentioned dave lee he goes by and i mentioned this in other videos as well i said earlier on this channel multiple times you can see it it's still there i said i think what happened with robin hood is that there is not their clearing firm watch the dave lee interview i said this in there it's not their clearing firm there's a problem with some other clearing for firm and there's some kind of formula that they're basically getting screwed on but robinhood needs to come out and have a dialogue um dave lee had a great opinion he said what vlad needs to do is get on social media and have an open dialogue about what the he double hockey sticks went down with robin hood and why they would stop our freaking ability to buy the stocks that we want to buy we don't want daddy telling us well i'm not going to let you buy gamestop because i'm protecting you we don't want that bullcrap so elon musk just invited a vlad onto clubhouse to explain clear the air make it right or at least try to make it right can we you know we'll make a conclusion here how much damage control was just done okay here's the thing here's what went down on the call so vlad says all right we are we have three companies at robin hood we have a broker dealer a broker-dealer it's just basically a fintech that's like yo trade apps on our website because we got a cool interface we swipe up and you get to swipe up and uh you've got fireworks wee or whatever it could be you know i don't care it could be weeble it could be m1 finance whatever they're all basically the same thing you sign up with them they're your broker it's kind of like you having a real estate broker right they're your dude who's basically like when you go yo i want to buy that house i want to go buy that stock they're like no problem leave it to us we'll take care of the crap we'll take care of everything that's basically what the broker dealer is right well robin hood also has a broker dealer clearing firm which just basically eliminates like the apex of the world uh basically there's there's the next level is the clearing house on the broker-dealer side uh apex is the broker uh clearing house for m1 finance and weibull uh so weeble and m1 finance were like don't play musk it was apex okay well then then robin hood also has a third company that that's the their crypto division but the crypto division we'll just put that aside for right now so basically when you put an order in you go hey yo broker i gotta buy me some gamestop call options okay no problem we'll take that call we send it to the clearinghouse which is also our company then from that clearinghouse it goes to the next clearing house and that's where issues came up which we're going to talk about that next clearinghouse so the next house is called nscc that is the national securities clearing corporation they are a clearing broker so you go from robin hood your broker to robin hood broker clearing to the clearinghouse on the other side probably it's probably like the counterparty clearinghouse i'm not sure about that but it's they're two involved it's the next one up it's the next level in the chain right so nscc is the next level in the chain and they hit up robinhood and go hey y'all look you guys been going crazy with all these game stop orders and amc and there is so much implied volatility on these options and the stocks like we have a magic formula and our magic eight ball formula says it was three billion dollars and robin hood's probably like holy crap i only got a 500 million dollar credit line what do you want us to do now i don't know okay they ended up coming up with a number that's pretty close to what i just said and i'll explain that because i want to keep the story in order here but the point is robin hood is like holy crap and apparently this went down at like 3 a.m and you know vlad could have probably given us a little bit more detail into like i'm sweating bullets i'm dying and stressing out over here because i'm i know my customers are going to be pissed he didn't really do that but that might just be because vlad's flat uh so and fine you know we want it to be sincere too we don't want him to just feed us bull crap so then he says look uh my guess by the way is that that's probably 10x what they usually have to deposit three billion dollars i'm guessing they probably have to deposit like 300 million maybe maybe 50 to 300 million in fact earlier on my live stream with dave i guessed 50 million to 200 million so pretty similar anyway so there's this fancy formula uh that has to do with the value at risk so i'm assuming value at risk is some kind of number to where uh you know the bigger the number the value at risk is uh the more money you basically have to deposit it's some algorithm it's kind of like people try to figure out how the algorithm at youtube works it's a secret formula we don't really know what it is but i can tell you if i posted a video that said uh you know how to save fifty dollars every time you place an outlet in a rental property i can pretty much guarantee you the algorithm is going to show that to nobody and that is one of the reasons i have courses but anyway so uh you know the algorithms work in mysterious ways but vlad said look we can reverse engineer the way the algorithm works we can kind of try to figure out okay this is probably how the algorithm works and then that way they can try to predict things but robin hood's like holy crap there was no way we could have predicted you were gonna ask us for three billion dollars so was did robin hood basically get hit with a liquidity crisis yes and no because robin hood for the last few years had absolutely zero expectation that in that they would ever get called up and asked for three billion dollars because they don't know what the formula is and how are you supposed to that's almost like saying hey your mortgage payment is two thousand dollars a month uh but you sign a page that says you're subject to this particular formula [ __ ] hits the fan your mortgage payment next month is 20 000 a month 10x and you'd be like what the f i mean i signed that formula expecting that to never frickin happen and you didn't even tell me what's in the formula so how was i supposed to know what triggered the damn formula that was going to make me pay 10x you know on a certain day because robin hood has to deposit this money every day before trading opens basically okay so uh now uh vlad goes into the story about how it's like 3 a.m the market's getting ready to open up they're calling the higher ups and again the company look them up okay look up the company these are the villains apparently apparently somebody please look up if there are any connections between nscc and melvin capital or whatever it's called whatever melvin and citadel please look that up find connections between nscc citadel and melvin or short sellers or any jerk who's short game stop because they deserve a specific video for them all right now so basically vlad's like hey yo yo yo yo all right look we we don't got three billion dollars like we will shut down tomorrow and go bankrupt tomorrow because we don't have that and now they don't necessarily have to go bankrupt if they're clearing house says give us three billion dollars and robin hood's like we can't do that it doesn't mean they go bankrupt because it's not like it's debt it's just sort of your your admission price it's like your security deposit to trade that day so if robin hood's like dude we we can't do three bill like we'll just not trade and they could in theory just say fine shut the platform down that day that doesn't mean they're bankrupt right it doesn't mean like your shares are at risk it just means they don't have the money to trade that day to cover the value at risk okay so now we understand uh that this formula some bullcrap magic formula bullcrap nonsense screwed robin hood out of nowhere and and they they couldn't even predict this because the formula is a freaking mystery so they negotiate it down they negotiate it down to 1.4 billion dollars then they negotiate it down to 700 million dollars with some restrictions that's probably how they got it down to 700 mill they're like well what if we just say people can't trade gamestop can we at least just be open for business for all the other 99 of the stocks we have because you are screwing us here okay you know and i wish vlad had a little bit of passion in explaining this because he should be pissed he should be extremely pissed he did say that you know it would be better if uh this nscc would be more transparent with their freaky algorithm or whatever he did say that but you know he could have been a little bit more pointed like if these [ __ ] gave us the damn formula we could have been prepared but nsc nscc they're the jerk offs problem is he probably can't really do that because they could just be like oh you're gonna call us jerk offs okay robin hood you're off our list you know and then and then you're really screwed right then you're really not trading any sucks now he didn't say that i'm imputing that based on the implications here okay so so now we understand a little bit better the situation that robin hood was in uh and he even said we knew this was bad but we knew we had to conform uh and you know i personally didn't like that he said this he goes probably not entirely unreasonable uh is there lag can't give the camera a rest hold on here here i got another camera all right what's up uh is this work all right so anyway uh hopefully i'm not glitching anymore i mean what do i know if i'm saying can you at least hear me if you can hear me that's good camera's fine some of you say it's fine all right whatever camera's gonna die look we gotta keep going with the story we got a story to tell here uh okay i'm assuming we're good i'm not in my underwear but i am in shorts because it's hot in here this is why i keep my office 65 degrees people like kevin why are you always wearing a jacket because it's 65 degrees in that office it's like 80 degrees in this office in this garage right here and i'm sweating huh dying in here okay so going back to the story all right then elon musk asked some pointed questions okay uh before by the way before elon musk asks some pointed questions uh the robin hood ceo says we raised capital over the weekend so now we have more money and because we have more money basically we can now meet these higher deposits these higher security deposit requirements okay take it off stop all right so they raised money over the weekend so they can keep funding the problems that they have then elon musk coming in like the badass he is goes dude to what level are you beholden to citadel and i'm like oh big burn like burn of a question right there now vlad dodged the question okay he did not answer how beholden they are to citadel vlad simply said we did not get pressured to do what we did the problem is you did you did get pressured just not by citadel that was the implication i mean he's i mean i i would say that's what he said he said we didn't get pressured by citadel uh he got pressured by the nscc okay again look up the nscc please find me those connections and i'll look that up later too okay so we didn't get pressured no he says this was a clearing house decision then elon musk says well who's in charge of the nscc and uh vlad says look i have no reason to believe in any of this conspiracy stuff there is no conspiracy we did not he's basically saying we didn't collude with citadel and elon musk is like well here's the problem you need to tell us these things you if if you have a gun held to your head which basically you did elon musk says you need to come out and tell us we need to do this and it sucks because we have a gun to our head by the way here's the jerk holding the gun to our head and here's why they're holding a gun to our head if elon musk is so damn right if elon musk had said i'm sorry if vlad had somebody talking to me about multitasking and now here i am getting distracted i appreciate you complimenting me on multitasking but you literally messed me up where are you no that was a good one i do appreciate you no thank you for that i appreciate the compliments okay so elon musk is basically like look you gotta tell us this stuff you gotta communicate to us that if somebody's holding a gun to a uh your head who is it and what do they want who i said what do they want that's all you would have had to do but instead and this is me speaking now not elon okay what happened instead well what happened instead was the robin hood ceos like yeah okay guys uh we gotta um you know stop trading of these stocks because we need to protect you we got to protect ourselves too but we got to protect you and then he gets asked did you guys have a liquidity issue you know on on the the news shows and he's like well no but we did just raise some more money i'm like dude you're begging for the conspiracy bottom line okay robin hood got effed by the man robin hood god screwed hardcore by the suits robin hood was apparently so afraid of the suits that they didn't blame the suits even today when he was talking to elon musk he didn't really blame the suits he's kind of like well you know i mean some other things are reasonable he's being empathetic to people he shouldn't be empathetic to that's what's happening and i get it you know i consider myself most of the time to be uh you know a a sympathetic person i can't say empathetic because well i know i don't know i've never been in that business but i could say i could sympathize with i could you know i could sympathize with uh all the crap going on you know every company i mean even nscc like as long as they're not connected to citadel and melvin it's like okay yeah you guys are worried about going bankrupt i get it uh and robin hood's like uh crap you know but i i cannot ex i might be able to sympathize like i'm sorry you guys got screwed here but i can't be an apologist for them even though i'm sponsored by robin hood i have removed those links by the way you know from my recent videos uh so so you can't even see those links right now but the point is even though even though it's sponsored by robin hood i can't be an apologist for them i can't come out and go dude everything's okay everything's okay no no no it's fine it's fine it's not robin hood your communication was a problem you made people for three days okay well it's actually the evening of the 27th the e the day of the 28th the day of the 29th the day of the 30th i'm sorry four days because you sent out out the email on the evening of the 27th i know that because i was playing rust in the middle of the night and one of the people i was playing rust is like i just got an email that positions are going to be closed only so i felt very much a part of what happened bottom line robin hood you got screwed by the man okay you got screwed by the suits you didn't communicate properly to us hopefully this discussion with elon uh is is empowering to prove to you robin hood that it is okay to speak to your people it is okay to come in front of your audience and say look we had a gun to our head it is okay to do that you don't have to be scared to talk to us you know i i have to say uh that's uh like you know biden says this uh and this is not look you all know me i'm like the most in the middle dude there is find me one channel that's more in the middle in this channel anyway the the thing is biden says look whether it's good news or bad news we're gonna tell it to you i appreciate anybody telling me that and i would want robin hood to do the same i don't want to be fed a line of bull crap that's scripted by your attorney because it's gonna show it's gonna come through like you're hiding something and it's gonna smell like poop and nobody wants to smell like poop okay folks hopefully that helped you uh i yeah i sold my bose dogecoin i did sell that uh let me give you a quick i want to show you one more thing don't leave okay watch this hold on this is really cool hold on let me show you this can i do this how do i turn this on hold on one sec okay look i'm in the garage i'm in the garage with the little tesla on the back uh hold on look what i got to unbox yeah look at what you all sent me look at this i gotta one day actually sit down and unbox this stuff thank you these are the fans these are you guys who sent me this i have a broken taped-up set of headphones over yonder and look at these look at you have you seen these gaming headphones i have look at this please please look at this okay i don't spend money on this crap look at this it is it is literally falling apart okay i'm going in too far we're going in too far go back go back uh sorry that's my employee actually i don't have an employee that's just uh me using this little canon remote controller that i have on the desk anyway i love all of you and hopefully i don't sound too rambly i had a little bit of apple juice and uh a little bit of don't sue me bro coffee okay now the problem with this set is i don't actually have a way to stop this live stream other than getting up again so i guess i appreciate you all being here and look at the tesla we'll see you later you