RETAIL Investors Are Now Wall Street’s ELITE

Run a business and not thinking about podcasting? Think again.

More Americans listen to podcasts than add supported streaming music from Spotify and Pandora.

And as the number one podcaster, IHART's twice as large as the next two combined,

learn how podcasting can help your business.

Call 844-844-IHART.

On the serving pancakes podcast, conversations about volleyball go beyond the court.

Today we have a little best friend compatibility test.

Hey, how long have we been best friends?

It's just a day we met.

As the league won volleyball season heads towards its final stretch,

there's no better time to tune in.

You'll hear unfiltered analysis behind the scene stories and conversations

with leaders making an impact across the sport.

Whether you're following the final push of love season or just love the game,

serving pancakes brings you closer to the action and the people shaping the future of volleyball.

Open your free IHART radio app, search serving pancakes, and listen now.

Presented by Capital One, founding partner of IHART Women's Sports.

This is one of the most dramatic events that really ever happened in New York City politics.

I scream, get down, get down, those are shots.

A tragedy that's now forgotten, end of mystery.

That may have been not have been political, that may have been about sex.

Listen to Worshack, murder at City Hall on the IHART radio app,

Apple podcasts, or wherever you get your podcasts.

Hey, I'm Jay Shetty, host of the on-purpose podcast.

My latest episode is with Noah Kahn, the singer-songwriter behind the multi-platinum global hit,

Stick Season, and one of the biggest voices in music today.

Talking about the mental illness stuff, it used to be the thing that I was ashamed of.

Getting to talk about this is not common for me, and right now I need it more than ever.

Listen to on-purpose with Jay Shetty on the IHART radio app, Apple podcasts,

or wherever you get your podcasts.

Hey, it's Nora Jones, and my podcast playing along is back with more of my favorite musicians.

Check out my newest episode with Josh Groban.

You really did the phantom at that point.

Yeah, I would definitely the phantom in that.

That's so funny.

I know.

Listen to Nora Jones is playing along on the IHART radio app, Apple podcasts,

or wherever you get your podcasts.

Yeah, when we first met, it was just before the idea of the meme stock,

which obviously your platform got a lot of flat four,

and it was all the retail traders don't know what they're doing.

And then we saw you speak, and we met again, and it was the idea of like,

the retail trader is the sophisticated trader.

Yeah, talk about the role and how that's transpired over the past two or three years,

to now that everybody's in on it like,

the retail is where we can get a lot of our customer base from because they have the tools.

I think companies are waking up to this.

You know, we were relatively early to embrace the retail trader,

because the retail traders are our customer.

So of course, we have a natural incentive as a company to

have our customers be shareholders, right?

Because not only are they our shareholders,

but they're people that use the product every day.

You know, our product is a stock market investing product that it's core.

And one of the things I'm very proud of is the work that we've done on IPO access.

I mentioned you guys a little earlier.

It's my second trip to New York this week.

First time I was at the New York Stock Exchange on Tuesday

at a roundtable called Make IPO's great again.

Funny name, they had the red hats too.

Which by the way, the idea that the administration and the regulators

are coming to Robinhood as a representative of the retail investor to collect feedback

for how to make capital markets and IPO's better

was something that probably I wouldn't have imagined the first time we met in 2022.

So pretty crazy how quickly things can change.

But when we went public in 21, we rolled out this product called IPO access.

And the idea was not just have IPO's be for the chosen few,

the elites, the high net worth, the private wealth folks,

and obviously the institutions.

But how do we plug Robinhood investors directly into IPO's

and get them allocations at the same price

on a level playing field with the institutions?

And so our IPO at the time was I think the largest

IPO retail allocation for an IPO of its size.

And we tried to get other companies on board.

We got some, but they were very skeptical and reluctant.

Some people actually to be fair are really bought into it.

But most companies we had to ask for favors.

And they would throw us a few scraps.

Like we'll give you half a percent of the IPO allocation.

So we really asked for favors and people didn't really get it.

They're like, what's the point?

I'm just trying to take my company public, go through the process,

get it over with so I can get back to running my business.

They didn't really see the point.

And fast forward to 2025.

This year when the IPO has come back,

every company of consequence has basically come to us

and ask, let's talk about our retail strategy.

How do we get retail more engaged?

And you've started to see the CEOs of those companies

when they're doing their press about the IPO,

talking about how retail's big constituency.

And saying, in the case of bullish CEO,

we give retail 20 percent allocation.

It's one of the largest retail allocations ever.

Gemini CEO, the Winkelvost Williams,

gave a huge retail allocation.

And now it's completely shifted,

where retail is definitely being a first-class citizen.

So what we're trying to do is push that forward,

go deeper into IPOs and continue the leadership we have there.

Post IPO, we want to make the brand of being a public company a little bit better.

I don't know if you guys have, I'm sure you talk to a lot of entrepreneurs,

some of whom are public.

Generally, the perception and the way they talk about being public is negative.

We have to be public, but I hate earnings calls.

I hate this. I hate that. It's a chore.

And what I'm trying to do is shift it into being a positive thing.

So rather than thinking of your earnings calls as a chore,

how can they become fun?

Can you, as the executive, have fun during earnings?

And also, can the audience actually enjoy watching it?

So we've been investing a lot in actually making our earnings calls,

not just informative, but entertaining.

So for the last one, we did it at the Chase Center,

home of the World's Day Warriors.

We not only had the sell side analysts,

who's the typical earnings audience,

but we had buy side investors.

We also had the media.

So the media was at our earnings calls,

and everyone could ask questions on a level playing field.

We had retail investors via Zoom asking questions.

And then, of course, the whole thing was televised.

So it was on live stream on social media.

Go back a year ago, our earnings calls were on a polycom,

audio-only.

We had maybe hundreds of people listening.

And now it's gone to tens of thousands.

So orders of magnitude increase in the audience for earnings.

And now we're starting to actually export this as a product

to other public companies.

So open door, for example,

they saw what we were doing.

They said, we want to engage retail.

We want retail to be our number one constituency.

So we work with them to live stream their earnings

to our audience in the Robinhood app.

And we've heard from many people that they'd like to start doing this.

So I think you'll see earnings calls becoming fun.

And I think the brand of being a public company

start to shift into a more positive thing.

And also, on the other side of the spectrum,

before a company is going public, when they're still private,

we're hard at work trying to get retail exposure

on the private side and making that a little bit easier.

We have a great initiative called Robinhood Ventures,

which is going to be in the U.S.

and we're launching a closed-end fund

that's on file with the SEC right now.

So we're actually in the quiet period.

I can't talk much about it, but the idea is

make it so that retail investors can invest

in the best private companies before they go public.

So we're kind of tackling it across every part of the spectrum.

On the Serving Pancakes podcast,

conversations about volleyball go beyond the court.

Today, we have a little best-frame compatibility test.

Hey, how long have we been best friends?

It's just a day we met.

As the league won volleyball season heads towards its final stretch,

there's no better time to tune in.

You'll hear unfiltered analysis behind the scene stories

and conversations with leaders making an impact across the sport.

Whether you're following the final push of love season

or just love the game, Serving Pancakes brings you closer to the action

and the people shaping the future of volleyball.

Open your free iHeartRadio app,

search Serving Pancakes and listen now.

Presented by Capital One,

founding partner of iHeartWomenSports.

1010 Shopify City Hall Building.

Could this have happened in City Hall?

Somebody tell me that!

A shocking public murder.

This is one of the most dramatic events that really ever happened

in New York City politics.

I scream, get down, get down.

Those are shots.

A tragedy that's now forgotten.

End of mystery.

That may have been not have been political.

That may have been about sex.

Listen to Worshack,

murder at City Hall on the iHeartRadio app,

Apple Podcasts or wherever you get your podcasts.

Hey, I'm Jay Shetty, host of the On purpose podcast.

My latest episode is with Noah Kahn.

The singer-songwriter behind the multi-platinum global hit

Stick Season and one of the biggest voices in music today.

Talking about the mental illness stuff,

it used to be the thing that I was ashamed of.

Getting to talk about this is not common for me.

Right now, I need it more than ever.

Listen to On purpose with Jay Shetty

on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.

Hey, it's Nora Jones and my podcast playing along is back

with more of my favorite musicians.

Check out my newest episode with Josh Groban.

You even liked the Phantom at that point.

Yeah, I would definitely like the Phantom in that.

That's so funny.

Listen to Nora Jones playing along on the iHeartRadio app,

Apple Podcasts or wherever you get your podcasts.

In 2023, bachelor star Clayton Eckerd was accused of fathering twins,

but the pregnancy appeared to be a hoax.

You doctored this particular test twice, Miss Ellen, correct?

I doctored the test once.

It took an army of internet detectives to uncover a disturbing pattern.

Two more men who'd been through the same thing.

Regular lesbian, Michael Manchini.

My mind was blown.

I'm Stephanie Young.

This is Love Trap.

Laura Scottsdale Police.

As the season continues, Laura Owens finally faces consequences.

Listen to Love Trap's podcast on the iHeartRadio app,

Apple Podcasts or wherever you get your podcasts.

This is an iHeart podcast.

Guaranteed Human.