Menlo Park, CA — After Congress passed the most recent $600 stimulus checks there was cause for celebration. Cut to a couple weeks later and that money is long gone for most. That’s why Vlad Tenev, the impassioned CEO of hit trading app Robinhood is publicly pleading for more stimulus.
“I have been saying from the start of the last round of checks that $600 just isn’t enough for the average American. You can’t even buy a single in-the-money Tesla call option with that. Congress needs to really step up,” said Tanev over the phone.
Tanev’s company, Robinhood, saw massive influx of users after the first round of stimulus in April which then tapered off a bit before the recent checks hit and where they saw a sizable uptick. They’re hoping for more of that but know they’ll need government assistance if they’ll have a chance.
“$1200 over the course of a year just isn’t enough,” says unemployed part time trader Zack Adams. “When we got that first $600 there was nothing to do and like many others I opened up a Robinhood account and turned that $600 into $55000 buying options before losing it all. Then they sent us another $600 which I lost that day. Congress needs to remember that they work for us and they better send us more money soon because I’m missing out on so much action.”
When asked what he thought about the probability of further stimulus Tanev’s hopes did not appear high. “With the disfunction in the government I just really don’t know what they will do. I can tell you we are suffering and all those Americans currently unable to buy any stock or options due to no fault of their own are suffering.”
“All we can do is wait.”