Robinhood CEO defends trading as Trump accounts launch
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- Robinhood CEO Vlad Tenev said trading is not gambling as the platform launched Trump Accounts.
- The new accounts give eligible newborns a US$1,000 government-funded investment account.
- Robinhood said the programme aims to encourage long-term investing instead of short-term speculation.
Robinhood CEO Vlad Tenev said trading is not gambling as Robinhood launched Trump Accounts, a new investment programme for eligible newborns.
The accounts are part of the Trump administration's "Invest America" plan. Each eligible child receives a US$1,000 government-funded investment account.
Tenev said investing helps people build wealth over time. He said Robinhood wants to make financial markets easier to access.
The accounts let families add up to US$5,000 each year until the child reaches adulthood. The funds are invested in low-cost index funds.
Tenev rejected claims that trading is the same as gambling. He said education and long-term investing remain central to Robinhood's strategy.
Robinhood has recently expanded beyond stock trading into banking, wealth management and crypto services.
The company also continues to grow its cryptocurrency business as it adds new products and expands into international markets.