Good morning. It’s a cold begin to February right here in New York, the place an excessive nor’easter is anticipated to dump a foot of snow on the town as temperatures hover within the higher 20s.
Equally, the maelstrom round Robinhood and the so-called memestocks (ahem, GameStop) continued swirling over the weekend.
The inventory buying and selling app has drawn criticism and (unproven) accusations of collusion with institutional traders over its pausing the shopping for of shares in corporations together with GameStop and AMC final week. And in what felt like a weird collision of some multiverse, Tesla CEO Elon Musk spoke with Robinhood CEO Vlad Tenev on Clubhouse late Sunday over Robinhood’s determination.
It began out as a Good Time present interview of Musk himself, although Tenev’s entry quickly turned Musk into the interviewer. “Did one thing shady go down right here?” the Tesla CEO requested at one level.
Tenev denied any shadiness and, when requested why Robinhood had paused shopping for, blamed his clearinghouse, the Nationwide Securities Clearing Corp., for ramping up its wanted collateral to about $3 billion attributable to higher volatility and focus in sure securities. That quantity was later negotiated down, Tenev stated, to about $1.4 billion.
Musk additionally requested about Robinhood’s relationship to the market maker Citadel Securities. In a precursor to what is going to doubtless be his response to Washington’s scrutiny of the connection, Tenev responded: “There was a rumor that Citadel and different market makers pressured us. And that’s simply false.”
It’s been a wrestle to seek out precision within the meteorological forecasts: Nationwide and native information websites prompt something between 4 inches to almost twenty-two ft of snow. It’s additionally exhausting to guess how the blustery winds from each public opinion and Congress will impression Robinhood in the long run.
However for now, within the many levels of this GameStop saga, Clubhouse and its massive investor—Andreessen Horowitz—are certainly feeling the wind in their sails. The interview of Musk and subsequent dialog with Tenev introduced within the crowds (no matter if it was, to an extent, deliberate): 5,000 listeners and over 121,000 views on this one livestream.
A16z led each Clubhouse’s Sequence A and B and is attempting to construct out its personal media empire. The newest Clubhouse dialog reveals a glimpse of not solely the app’s potential, but in addition the enterprise agency’s technique for constructing it out.
FORTUNE’S LEADERSHIP NEXT: TheManagement Subsequent podcast kicks off a brand new season with essential discussions round Black People and work. Final week’s present featured David Craig, the CEO of information firm Refinitiv. Refinitiv is a companion in a brand new Fortune initiative, Measure Up, which pushes corporations to trace, report and disclose their worker variety numbers. Whereas many corporations proclaim the significance of company variety and inclusion, only a few truly report their progress in direction of assembly DEI targets. Hearken to the podcast here and be part of the hassle here.
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