This is 20 VC with me Harry stabbing some other time in the episode we have in store for you. Stay the world has been tweeting about a little other than Robin Hood and GameStop over the last month. And so I thought who better to have back on the show them Vlad tanith founder and CEO Robin Hood. Now, I know vlad's been on a couple of other podcasts and so I really went for some different and quite untouched angles today. And wow, what a show we have in store. But for those that do not know Robin Hood provides commission-free investing plus the tools you need to put your money in motion to date that has raised over 5.6 billion dollars worth
Robin Hood including a 2.4 billion dollar raised just this month and some of their investors include the likes of Ribbit Sequoia Green Oaks index ivp Thrive GV and more incredible names before Robin Hood Vlad started to finance companies in New York City and we dive into that founding journey in the show today. But before we dive into the show state, did you know that more than 80% of US public stock is owned by just 10% of Americans This divide is even greater in the private markets Carter makes it is easy to issue Equity to your employees has it
To issue payroll and for employees as easy to accept it to more than 16,000 companies issue Equity to their employees through Carter whether you're just getting started or getting ready to go public the team that cart can help check them out at Carter.com. And then another incredible product you have to introduce his secure frame secure frame helps companies get enterprise-ready by streamlining salt to and ISO 27001 compliance secure frame allows companies to get compliant within weeks rather than the painful months. That is today.
And companies like stream her saurabh an apostle and unlock more sales with secure frame and 20 VC listeners get 10% off at secure frame.com /to zero VC and finally, I've always been a big history fan. And so I won't talk about Cooley the global Law Firm built around startups and Venture Capital since forming the very first Venture Fund in Silicon Valley coolies for more Venture Capital funds and any other law firm in the world with 50 plus years working with VCS. They help Reese's Foreman managed funds make investments and handle the Myriad of issues.
That arise throughout a funds lifetime. So to learn more about the number one most active law firm representing vc-backed companies going public head over to cool e.com. And also check out Cooley go.com, but you're not tuning in to hear from me. So now I'm very very excited to hand over to Vlad Tena founder and CEO at Robin Hood.
You have now arrived at your destination
glad it is such a joy to do this. I so enjoyed round one and I can't wait for this one. So thank you so much for putting up with these terrible British tones. Once again,
hey, it's a pleasure man. I appreciate you you doing it with me having me on your show again. It was a lot of fun for me. I'm hoping I don't know if we'll have much to talk about I think we did the last one a couple of months ago.
Right? No idea if you've got any things to about let's hope someone's put a schedule in place, but let's stop for those that missed the first episode and if they did
Was the aha moment with Robin Hood him. What was that kind of brief founding story
my co-founder beige you and I met at Stanford were both first-generation immigrants his parents immigrated from India. And then I immigrated myself from Bulgaria when I was 5 years old Bulgaria, by the way in mid 90s had a financial system that went through hyperinflation, you know, I remember going on vacation with my family back to visit my grandparents in the mid-90s and one year a loaf of bread was to Leva the next year it was
20,000 Leba or something like that. So I think we take it for granted in this country that we have democracy and capitalism and relatively stable dollar and a financial system that works. But all this kind of set the substrate for how I grew up how days you grew up and eventually us meeting at Stanford when I graduated it was 2008 and then I went to grad school to study a math Ph.D. His first month on his job my first month in grad school Lehman Brothers went under Financial.
System collapse this was also kind of a turning point in institutional Finance because it basically went from people placing trades on on the floor, you know humans being involved in these transactions and in trading to completely automated, you know, everything now happens in data centers in New Jersey in Chicago and all the major markets enters the floor of the New York. Stock Exchange is basically a media Studio. We entered the financial industry at that point. We were building
any software for institutions algorithmic trading software because that was a growing market. So we built our previous company Kronos as a software provider of low latency high performance trading platform technology in 2011. We were in New York building Kronos and there was a Confluence of a few different things one of them being the Occupy Wall Street movement, which I think it exemplified a lot of the frustration that young
And with the markets, they realize you had people of our age group saying we had this economic crisis. The recovery went to the top one percent Financial system isn't really working for normal people. I still remember actually when we were in New York. We remember the Occupy Wall Street 10 cities and Wall Street, when we moved to San Francisco and built our office there we were on Market Street where the tents would just extend all the way through to all the way to the ferry building. So this thing was just everywhere
ubiquitous and young people from around the world were frustrated with the financial system. So I think our response to seeing this was to spring into action and actually build something to solve this problem. That's what led to Robin Hood and the idea was no account minimums. No seven to ten dollar Trade Commission a user interface that just work and allowed you to go from not being an account holder to owning your first stock in five minutes or
less now that if I was thinking about this interview before
I was thinking how could I make it the best it could be but also be quite unbreakable should maybe are some of the harder questions. I thought I'd just have to ask harder question. So if we start at the Crux of the issue, you know, a lot of people have suggested that Robin Hood or maybe the enabler and not the victim of the events of the last few weeks. How would you respond to robbing her being the enabler and not the
victim? Well, it depends how you would Define the crisis. I think there's a lot of things going on and we're getting criticism from almost opposite ends of the spectrum for
Reasons there's a people like Charlie Munger we're looking at what's going on? They're basically like individuals shouldn't be investing or if they are they should be investing in passively managed index funds in their Ira accounts. And so what Robin Hood is doing facilitating or enabling people to buy these meme stocks is wrong and should be stopped. Then there's the people that saw what happened on January 28th, and they're very frustrated that Robin Hood.
Didn't allow people for that one day to buy shares in GameStop and AMC and these other meme stocks that people wanted to buy shares in there's almost two opposite views of what the crisis is depending almost on your ideology. I would say we're sorry to both of these people right? I understand how everyone feels I do think Robin Hood is to address, you know, the first point a source of good for this world having more and more people investing is
Is has been a positive enabler because if you look back at wealth inequality and income inequality, these are big problems that are threatening the fabric of society. We can only connect the dots going backwards, but we can't really quite grasp all the implications of rising inequality. We're seeing it pop up and populism and in so many other places, you know, a lot of us have read Thomas piketty's Capital right? It's very clear. If you look at the data in equality can largely be explained by the investing.
App the wealthy investor money and that has compounded historically at very very high rates the non-wealthy spend their money and earn wages and those wages at least for the last several decades have not been increasing at the type of rate that your Investments have been have been increasing and the broad market
indices when you say about the equality. Someone said on Twitter, they deemed me and they said Robin Hood in the past few weeks has been more Sheriff of Nottingham than a Robin Hood, but how do you feel when you hear
R that Sheriff of Nottingham versus Robin Hood personally, man.
I feel you know, it hurts. Yeah, it hurts. There's no way to sugarcoat it. It hurts. I mean the way that I get through it is just saying. Hey like we're maybe going to be misunderstood for a short amount of time. But what we can do is just keep doing our thing try to communicate better with our customers and the general public because a lot of the people that are saying these things are non customers and they're just kind of hearing it indirectly from the media for the public I think over the long run.
On the truth will come out and people will understand after we get out of the Nexus of this meme stock craze. If we ever do maybe we won't in which case we'll just learn to manage through it appropriately but I think the truth will come out eventually and people start to understand that if it wasn't for Robin Hood people wouldn't even be thinking about doing any of this stuff. Right? This would just not be accessible to these people. So the idea that somehow the most wrong thing was this allegation of collusion that were somehow
How colluding with hedge funds that we have no business relationship with to somehow restrict buying of these stocks. Yeah, I think that was just wrong and it's been a harmful narrative not just to Robin Hood, but I think to the sort of faith in in how the financial system as a whole has been functioning.
That's why do you think that comes from and what do you think you could have done to get ahead of it? But me
well, I think it came from the internet. I'm not sure we don't have the tools to like specifically trace the origins of it, but I think
People's perspective they like simple Stories the story that's out there on some of these internet forums is one of hedge funds versus individuals. You actually look at the data. It's never that simple. You have a lot of Institutions and hedge funds that are actually long these stocks. You have some individuals that are shorting them because a lot of the retail platforms not Robin Hood, but other retail platforms allow shorting or allow, you know other ways of going negative. I also
so shared the stat that with gme according to CNBC retail was a net seller and that seller of gme Monday through Wednesday, which by the way is before Robin Hood put in place the buying restriction. So Monday through Wednesday as the stock was increasing retail overall was was net selling and who's buying it then and we don't have all the data but I assume it's institutions and a lot of these players that have been covering their shorts. I think the true story when you get into the details,
Is very complicated. There's a lot of not just financial industry infrastructure in play. But also a lot of Institutions long a lot of individuals short. I think that people just prefer a simple story that it takes two seconds to understand the hedge funds versus the individual story this idea that everyone is on one side or another and which side is Robin Hood on is just very very compelling to people and it's so compelling that it just like spreads virally like
Fire through the
internet what I thought about the situation I thought about the quote. There's no such thing as bad publicity. You know, I'm sure account sign ups went through the roof. I'm sure usage went through the roof. So given everything you've been through over the past month. Would you agree or disagree with there's no such thing as bad publicity.
I think look certainly you're right. We've had extraordinary growth. I mean, we've published a lot of our numbers we've had extraordinary growth over 2021 that has surprised our expectations. We did have extraordinary growth Wednesday.
Leading up to our decision to Halt opening positions in some of these stocks as well. It's hard to say counterfactually. It would have been even more extraordinary in hindsight. Maybe maybe not but I have to say one thing that I'm very very proud of is you look at the media. It seems like Robin Hood is just making tons of Robin Hood's always in the media right last March March of 2020 when the market cratered because of the coronavirus pandemic when people figured out
doubt it was getting serious Robin Hood had some service reliability issues, you know, we also experienced extraordinary growth or service reliability wasn't up to the standard that we hold ourselves to for our customers. The thing that I'm proudest through which nobody's really talking about is throughout this whole thing with much much higher growth. We were there serving our customers and you know, even though on that Thursday people couldn't open positions in these 13 Securities thousands of other Securities and all of the people that were
Resting for the long term or buy-and-hold investors. They experience we were up and available for them largely and I'm very proud of all the Investments that we've made dealing with that March of twenty twenty issue.
Can I see such a unique time and challenge for you to go through every learn to lie about yourself and about business when testifying I guess specifically when testifying before a congressional committee because it is a unique
experience. It's a unique experience. I think it's challenging. I don't know. I'm still struggling a little
little bit with what exactly the goal of that is in terms of what could it accomplish just because the format is so unique, right? Like you have 5 minutes per representative to answer questions. And actually that five minutes is divided among we had five witnesses and obviously I got the bulk of the questions but in some of these cases it's like, you know, mr. Tentative. Can you explain payment for order flow and all of your Arrangements there and you have 12 seconds to answer that and I know
People are frustrated that you know, I didn't give detailed and complete answers to some of these questions, but I'm also thinking about what I can say about Market microstructure that will make sense to anyone not just the listeners but you know, the representatives in 12 seconds. I just can't believe that that's like the best Forum to educate either the public or our Representatives on what's going on.
I think we're always quite quick in these situations to forget the human behind this in many respects. You left your wife.
Kids at home that morning for a very unique and unusual Day come on as flat as a person and as a leader we nervous and how did you feel going into
it? Well, I tried to get as prepared as possible at the end of the day like the facts are the facts Robin Hood played this by the books or as close to possible as to what the books are for something that's never happened. One thing we pride ourselves in is putting the customer first and operating with the highest possible standards.
Of of conduct and so was I nervous? Yeah, it was a new experience for me. So I was nervous from that sense. But I also was not nervous because I don't really have anything to hide. I mean if people want to know what the VAR charge is and the capital requirements that were mandated by Dodd-Frank that we had to comply with, you know, we're an open book on that stuff like we can share as much information as we have ultimately we didn't really have much of a choice we had to do this or else we could have had a much bigger problem.
That was systemic and financial system destabilizing had to comply with all these
requirements one thing elements surrounding the events in the last month is also the capital raising in conjunction with it. I guess my question to you is like why did you need so much cash so quickly and I guess I in terms of capital requirements within your business, how you think about
that? Yeah. Well, I mean, I don't know if you had a chance to read my written Congressional testimony. There's a little charred on. I don't know if it was paged.
Her page 10 that showed the increase in the VAR charge so VAR stands for value at risk and it's basically the relevant element here. You looked at what the VAR charge was on Monday versus Wednesday, and it was something like a tedx increase just in a couple of days when something could increase 10x in a number of days, it becomes very very difficult to model. And so we were able to meet our requirements by putting in place restrictions on
The opening of positions and all these Securities, but we obviously had two things in mind one is we don't want to have low limits. So let's raise the capital so that you know, we could tolerate VAR charge increasing much higher than that, but it's also we saw that we were still number one on the App Store. So we had all these new customers coming presumably a lot of them wanted to transact in these stocks to so we were kind of anticipating like what would the VAR charge be if we had 20 30 40
More users. How long are we going to be number? One in the App Store? What if we're there for like many many months? I mean what if it's like zoom zoom hit number one on the App Store when the pandemic started and has been like sitting there ever since then so I think the uncertainty around what the future would bring led to us wanting to raise an excess amount of capital.
I guess some people suggested that you know, you maybe put the interest as a business ahead of the interests of the customers in terms of restricting customer trading activity. How do you
on to that suggestion
and the suggestion is ludicrous for two reasons one. I just want to say everything I stand for is allowing customers to to be able to trade what they want to trade when they want to do it. We also have the majority of our customers who are Buy and Hold investors and it's in Nolan's interest for Robin Hood to be out of compliance and breaking laws because the outcomes of that are much worse. We want to avoid a situation where none of our customers can trade anything right that would have been
Worst situation and a lot of people also have asked me. Oh, why don't you just call both sides of it? Why did you only allow selling but not buying to that. I have two very simple reasons. If you have a customer who's unable to close their positions at the all-time high as bad as this was not allowing customers to close their positions would have been much worse. I mean there would have been like rioting on the streets if we had not allowed selling
totally agree in terms of not allowing the setting and there any other missions
options you say that was ludicrous and they totally appreciate that sentiment there any others very like man, that's just ludicrous and I've heard this too many times to you've done these interviews bad. I've heard you on you you learned a port noise. You've done them a granny others. We are like I keep getting these questions. And actually I'm tired of it. This is not how it
was. I think the whole thing about like you should have seen this coming. I think if you understand and if you look at the numbers, you can't really see it coming things are changing by orders of magnitude in a cup.
Days practically overnight. I was out there saying like t plus 2 needs to go. We need to go to instant settlement the dtcc actually came out with a statement saying we're pushing towards t plus 1 of course. It's going to take a couple of years. So it's going to be slow. So I don't know if that's enough we have to do more to make sure that there's systemic change preventing this from happening again,
because if you think this is like a seismic shift in terms of where palaces in terms of the seismic shift from large institutions and large.
Pros and that power shifting to the wave of consumer and consumer power in the hands of many via internet forums. Is this like a permanent shift origin? It's a temporary
shift. I think it's a permanent shift. I think there's a movement in this country that has started and is continuing to have more of the investing done by individuals directly. And of course you can say a lot of these institutions are investing on behalf of individuals as well, you know, people point out that the hedge funds have as there.
Bester's Pension funds University endowments all these other people but they're still intermediaries and sometimes intermediaries upon intermediaries. I do think what you're seeing now is people investing their money directly and I think that's a great thing and I don't think that's going to slow down.
How can you model a future there when this could happen at any point some internet Forum could do choose another stalk the internet could consolidate around it and boom they are
seven and then every single person could buy
buy one
stock. How do you model and Planet when the power shifts to such volatile trading mechanisms and
waves, I think that's a good question. I think that rather than thinking about modeling that we like to think about. How can we be robust to it? Right? Like we're a platform provider our customers expect us to be available to operate at low latencies and to allow them to not just close their existing positions, but open account smoothly and open up new positions, so
We have to think about how Robin Hood can be robust to it. And we have to comply with the rules and the various deposit requirements and far charges are way right now without rule changes and changes to how deposit requirements are calculated is to raise billions of dollars, which we've done but then we also have to take a look at these rules and make reasonable and surgical suggestions for ways in which they don't account for risk appropriately. I'm all for risk management and protecting against
Systemic issues at these clearinghouses waiting one thing we have to start looking at is this value at risk charge is it actually an accurate measurement of risk, or is it something that is having unforeseen effects that are actually increasing risk in certain circumstances and should be changed
most of what you need some more accurate measurement of rice before we move on to your leadership and that watching some more accurate measurement of
risk. Well, I think first of all, there's a couple of different critiques
Of the value at risk one of the more interesting ones is from Nassim taleb who wrote Fooled by Randomness in the Black Swan and antifragile. So he writes about the stuff. He wrote this post. I want to say in the 90s about how like valued risk has to go his view was that it's actually not a good measurement of risk because of mrs. Tail events because it kind of assumes a normal distribution and normal standard deviations, but market returns are normally distributed and they have fat tails.
Al's so value at risk actually will lead to you missing things and not properly measuring your risk in this particular case you look at Value at risk. I think the problem is a little bit different. The problem is that you know, when there's volatile events happening in the market. A lot of the Brokers actually need that cash the most right? They need that cash for their business and you end up having to put larger and larger amounts of money to these clearinghouses larger amounts of your corporate cash precisely at the moment that you need York.
For in cash to like run your business and manage your own risk. I think it's having somewhat of a perverse effect of exacerbating issues in times of volatility rather than preventing and protecting against them. I
do have to ask, you know, everyone's ask you every question about every area of the business, but I'm intrigued you know more for you personally. What have you learned about managing through a crisis as the leader is such a unique experience. I'm sure stocks been through similar experiences, but it is a unique experience. So what have you learned about really managing efficiently?
To a
crisis I've learned that communication is very important and it's perhaps the most important thing we've gotten better as an organization. Despite what you're seeing out there. I mean, we have a great Communications team. We're all learning through the first time we're building scar tissue for how to deal with this. Ultimately. I think that the next time you see this you're already seeing this happen Robin Hood is becoming much more transparent with the inner workings of the financial system with the general public and our customers. I haven't really been on Twitter very much.
Historically like I would post stuff from time to time but not really sort of actively engaging I'm learning that the public wants and expects more of that from us. They expect not just you know, their social media companies and tech companies but also their financial companies to operate much more in the open and demystify some of these things that are convoluted and have been hidden for for very long. Do you
enjoy that bad because it is a big change and now you yourself for a brand not just Robin,
And bluntly the tech company Founders today are celebrities like any other celebrities whether we like it or not. Do you ensure
that my primary goal is just to serve our customers. I view it as a means to an end the end being happy customers that love our service. So I'll continue to do whatever I have to do to make our customers as happy as possible and increase the base level of happiness in the world.
Tell me right that was mauled by humans. We all see last time I think.
How do you deal with the shit hit the fan woman's the like this was a real shit hit the fan moment. What did you do to get through it? Like I you know, once you're coping
mechanisms, yeah, that's such a great question. I think that a lot of times people mention, you know, there are peacetime leaders and there's wartime leaders, right and I actually perform probably even better under a lot of pressure not to say that I want to invite more pressure invite bad, but I think the organization also performs well under pressure the
Ortiz become extremely clear extremely clear like there's a Clarity around what to do and it just gets done very quickly raising the capital to unrestricted communicating with customers and improving their way the speed and kind of the accuracy and Clarity with which we communicate making sure the service is reliable for get to some extend, you know, debating what the H2, you know 2021 roadmap is going to be like let's make sure that we can scale and serve 3x Peak load from our previous.
As quickly as possible. What do we need to do that? I think they're sort of tunnel vision around what the priorities of the organization are in a crisis that that's very
helpful. What did he say to the team lost from for the Quake father? What do you say to the team, you know, because obviously when they all think of you anyone from a marketer to an engineer and they're getting a lot of discussion from friends and getting a lot of questions. What did you say to them in terms of keeping their heads down and running their own race and keeping morale High
internally, so think about the
Murr I think the thing is that people are Robin Hood didn't have much of an opportunity throughout the past couple of weeks to really engage with the public too much because everyone was just like sprinting to make sure our service was reliable the people that weren't directly involved in that all helped out and basically did customer support customer support is actually another area. We've been investing a huge amount of resources to and it's gotten a lot better. We keep rolling out more and more Live phone support use cases. We're seeing more automation.
Then we're seeing Upstream issues being resolved in the product much more rapidly. Everyone has an ability to contribute and it's very clear what we have to do. And certainly I think my message has been think of the customer. We have a huge responsibility to our customers. And this is our moment. We've always talked about financial services being as culturally relevant as music and the Arts and that idea has been very very abstract in the past.
But it's very clear to people now like investing is as culturally relevant as music in the Arts and sports. So we've got to seize that moment and just execute so well that people are like wow like this company just prove that they're the market leader and they deserve to have our business and remain the market leader
final one before the Quake 5, but I thought this so many times and I've seen it on Twitter and it's the picture of you and then there's a picture of the guy from succession with the long hair and I always
Back to our first interview and kind of known you a little bit now. I'm like jeez. I wonder how glad feels when he sees that comparison. How do you feel when you see that comparison be like damn it? That guy's a good-looking guy. Are you like damn it? I wish these people would stop in
Paris. I actually I prefer the Adam Driver one. I think Adam Driver is a more his range as an actor is a little bit
broader, but I do want to dive into a quick-fire Vlad. So I'll say she will stay as you know, you give me your immediate tools ready to rock and roll.
Yeah.
Yes, I am. I will do zero thinking
what three traits would you most likely will children to
adopt courage truth-seeking
kindness in crisis times here is comes the Forefront personally professionally in whatever way he was a hero for you in this crisis. And what
did they do? I guess the number one person that if I had to pick just one it would be our mutual friend Mickey malka basically agreed to fund our initial five hundred million dollars with five minute phone call. I
mean Mickey is one of the most special people in the business.
That makes me very happy to here but personal what media training have you done personally because you've developed a lot in terms of your interview
style. I think practice helps practice and doing a lot of a lot of these I think has made me feel a little bit more comfortable and just also getting out of the eye of the storm or the edge of the eye of the storm because when you're trying to talk about something while actively like solving it and there's so much uncertainty. It makes it very very difficult, you know that first.
Thursday when I was on CNN and Bloomberg and CNBC, it was very much in the thick of it. You know, I was running on fumes myself. So those were probably not my best showings. I recognize that
we getting any sleep Joseph
side. Not much to be honest with you. I mean a little bit but I'd like to get my six hours plus and it's been challenging over the past couple of weeks, but hopefully it'll equilibrate over time. I sleep Friday nights. So Friday nights are always kind of the
Relax night of the week. If you're in the financial services industry because the markets aren't open on weekends
almost on time by my time on the weekend I go for long walks and long runs. What's like your Vlad time? Like, I love this. This is where I'm
me. I also like walks. I'm also really interested in astronomy. I got into it probably more seriously last summer. I don't know if you remember the comet neowise that came pretty close to Earth. So I was in Southern California at the time and I was like, you know what I'm gonna
To get a really nice pair of binoculars so that I can see this thing and then you know, I had the binoculars and then I started getting curious about all sorts of other things. Like let's look at Mars. Let's look at Jupiter. Wow, you can see the moons of Jupiter in your binoculars. How cool is that? And you can see Saturn but it's a little bit hard to see because you know, you have to keep your hand super still you can't see the Rings. So then there was this great conjunction on December 21st last year. I don't know if you heard about it. We're Jupiter and Saturn got super.
Close together is the closest they've been and something like 600 years and so you could actually see them in the same field of view of a high magnification telescope eyepiece. So I was like, okay, I'm going to get a nice telescope so I can look at this thing.
What's your most lavish
purchase? Probably a telescope. I mean, it's not super lavish right? But yeah having a nice telescope is certainly a bit of a luxury and I've been getting into astrophotography and kind of taking pictures of the planets and the nebula and the moons and it
Just puts it all in perspective. You realize like how small you are how little the universe cares
Final on that? What a nice five years. Hope for you and for Robin Hood paint that picture for me. Now. We've got fresh start one is next 5 years
old. Well, I think despite all the growth and all the things we've accomplished. There's still a lot more to do. We're still available only in the United States disappointed that we can't serve your grandmother in the UK just yet. We like to change that. There's also lots more products that people
On in their financial lives and already use their their wallets for so I think Robin Hood can really evolved to be the money button on your phone just like truly your mobile wallet. And then I also think even look at our Core Business of equities options and crypto. There's more to do still a little bit under half of households in the US are investing, but we'd really like to think about what does that number look like? If it was 95 plus percent what if 95 plus percent close to a hundred percent of people are investing.
I think you realize that Robin Hood has had some impact but there's a lot more to be done and it's a huge
opportunity. I mean, I will tell my grandma that she will soon be able to use Robin Hood in the coming years. I'm sure she'll be thrilled the loudness and thank you so much for doing this. I honestly really appreciate it. I know been a busy few weeks, so it means a lot and thanks for joining
me any time and I appreciate you as
well.
Very special to have black back on there and I want to say again a huge. Thank you to him. He's been insanely busy obviously over the last month. So for him to take the time out, I really does mean a lot to me. So if Vlad huge huge thanks for that. And if you'd like to see more from us behind the scenes you can on Instagram @ H stabbings 1996 with two bees. However, before we leave each day, did you know that more than 80% of US public stock is owned by just 10% of Americans This divide is even greater in the private markets Carter makes it is easy to issue Equity to your employees for
Is it is to issue payroll and for employees as easy to accept it to more than 16,000 companies issue Equity to their employees through Carter whether you're just getting started or getting ready to go public the team at court can help check them out at Carter.com. And then another incredible product you have to introduce his secure frame secure frame helps companies get enterprise-ready by streamlining salt to and ISO 27001 compliance secure frame allows companies to get compliant within weeks rather than the painful months. That is today.
Companies like stream pursue Urbana pause and unlock more sales with secure frame and 20 BC listeners get 10% off at secure frame.com /to zero VC and finally, I've always been a big history fan. And so I want to talk about Cooley the global Law Firm built around startups and Venture Capital since forming the very first Venture Fund in Silicon Valley coolies for more Venture Capital funds and any other law firm in the world with 50 plus years working with VCS. They help Reese's Foreman managed funds make investments and handle the Myriad of issues.
Issues that arise throughout a funds lifetime. So to learn more about the number one most active law firm representing vc-backed companies going public head over to cool e.com. And also check out QD go.com. As always I sir preciate all your support and I can't wait to bring you an incredible episode with Daniel X founder and CEO of Spotify on Monday.
