"We're building a long-term business, so you have to ignore these short-term fluctuations," CEO Vlad Tenev said after Robinhood shares fell 8% in its first day of trading on public markets. Subscribe to CNBC Pro to access the full episode of Mad Money: https://cnb.cx/2TKF9GZ
Robinhood CEO Vlad Tenev on Thursday brushed off the first-day performance of the trading app’s stock, which ended the day lower despite making its public debut with much fanfare.
Shares of Robinhood, a company that was the subject of both public and congressional scrutiny amid the meme stock frenzy earlier this year, closed 8% lower after listing on the Nasdaq.
“I’m used to being doubted, personally, I think, from the very beginning,” he told Jim Cramer in a “Mad Money” interview. “We felt like underdogs here at Robinhood and, you know, we’ll see underdogs hopefully evolving into comeback kids.”
The stock priced at $38, the low end of its range, valuing the company at about $32 billion. It closed the session at a share price of $34.82 and a market cap of $29 billion.
Tenev, who co-founded Robinhood, took the decline on the chin, arguing that daily gyrations can take stocks up or down. The company is focused on adding more products to its offerings that will drive growth with a runway that spans “multiple decades,” he said.
“We’re building a long-term business, so you have to ignore these short-term fluctuations,” he said. “We feel very well-positioned with this company to keep delivering value to our customers.”
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
https://www.cnbc.com/select/best-credit-cards/
#CNBC
#CNBCTV
0 Comments