Robinhood Markets CEO Vlad Tenev testifies before the House Committee on Financial Services on the GameStop short frenzy.
- How do you make the determination of individuals who are not the sophisticated investors and allowing them to buy these risky stocks that are on margin?
VLAD TENEV: Thank you, Congressman, for the opportunity to address that. Let me set the stage a little bit by saying that about 2% of our customers borrow on margin. About 13% on a monthly basis perform an options transaction. And a much smaller number, around 3%, perform a multi-leg options transaction. So the vast majority of our customers are engaging in buy and hold activities and long-term investing on our platform.