Robinhood CEO says day traders on the platform have reaped $35 billion in gains

Robinhood CEO says day traders on the platform have reaped $35 billion in gains

Robinhood Markets CEO Vlad Tenev said in his testimony before Congress this week that the assets of his platform's users have collectively grown by more than $35 billion. 

Tenev on Thursday defended the platform he founded in 2013 from lawmakers during the five-hour hearing in front of the House Financial Services Committee. It was the first of three planned hearings, which aim to investigate the main players at the center of the GameStop drama in January.

Rep. Jim Himes, a former Goldman Sachs banker, was not so convinced with Tenev's claim. He argued that if Robinhood would not reveal how much its clients invested on the trading platform, then it would not be possible to calculate the return on their investments.

"You threw out the number of $35 billion," Himes said. "I actually think the right comparison is: What if your clients had simply invested in an S&P 500 index fund? Would that number be more than $35 billion, or less?"

But Tenev said that the representative was making the wrong comparison.

"Congressman, with respect, I don't think the right comparison is investing in an S&P 500 index fund," the Robinhood CEO said. "I think the right comparison is not having invested at all and