Robinhood CEO: Trump's account will attract the next generation of investors

Odaily Planet Daily News reports that Robinhood CEO Vlad Tenev said that the “Trump Accounts” launched by the company in cooperation with the U.S. Department of the Treasury will give Robinhood access to the next generation of investors and drive future growth. In an interview with CNBC, Vlad Tenev said: “This will bring Robinhood to the next generation… for millions of children, this will be their first investment account.” He emphasized that in the short term, the company’s focus is on collaborating with the U.S. government rather than profiting directly through the accounts, and that the accounts will have no fees or commissions.

Previously, the U.S. Department of the Treasury announced that Robinhood, along with BNY Mellon, was selected as a partner to open tax-deferred custodial investment accounts for children born from 2025 to 2028, with Robinhood acting as the broker and custodian and working with BNY to provide the front-end application and customer support. As of March 31, more than 4 million children have registered for Trump Accounts, and over 1 million children are eligible for the Treasury’s $1,000 startup funding pilot program. Several financial institutions, including JPMorgan Chase, Bank of America, Wells Fargo, SoFi, BlackRock, and Charles Schwab, will match the federal startup funds for their employees’ children. (CNBC)