Robinhood CEO Dismisses Tie-Up Plans With Elon Musk's Twitter - Robinhood Markets (NASDAQ:HOOD)

Robinhood HOOD CEO Vlad Tenev said his company does not have any plans for a partnership with Elon Musk’s Twitter.

What Happened: Tenev on a post-earnings call on Wednesday responded to the question about the new "cashtag feature" implemented by Twitter, linking users directly to the Robinhood app.

The feature allows Twitter users to track the price movements of Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD.

Chris Koegel, VP of Investors Relations at Robinhood, asked Tenev if there was an official partnership forthcoming between the online brokerage and Musk's microblogging platform.

“As of now, we don’t have any plans to expand or form an official partnership with Twitter," Tenev replied.

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FTX Effect: Devin Ryan, a JMP securities analyst, asked Tenev if customer engagement in crypto saw pressure after the FTX-related contagion and following valuations decline.

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CFO Jason Warnick said, “We have seen a pickup in the first part of the year to levels that are kind of on par with the average for Q4. So I'd say it was a bit of a step on the sideline, watch a little bit, particularly in December.”

“We continue to think that crypto is here to stay, and we're continuing to invest in this space and are really optimistic," he added.

Robinhood said it plans to purchase the 55 million shares that were acquired by FTX-linked Emergent Fidelity Technologies in May 2022. The shares, valued at more than $550 million, have become the subject of a creditor dispute during the recent FTX bankruptcy proceedings.

Price Action: BTC was trading at $22,920, down 1.70% in the last 24 hours, according to Benzinga Pro.

Photo by TechCrunch On Flickr

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