Robinhood CEO says company has no plans for partnership with Elon Musk’s Twitter

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

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

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

Tenev replied that we don't have any plans to expand or form an official partnership with Twitter.

The FTX Effect: Devin Ryan, a JMP securities analyst, asked Tenev if customer engagement in criptocurrency saw pressure after the FTX related contagion and after the valuations declined.

CFO Jason Warnick said that we have seen a jump in the first part of the year to levels that are kind of on par with the average for Q 4. I'd say it was a bit of a step on the sideline, watch a bit in December. He said that we continue to think that cryptocurrencies are here to stay, and that we're optimistic and continue to invest in this space.

In May 2022, Robinhood plans to purchase 55 million shares that were acquired by FTX-linked Emergent Fidelity Technologies. The shares, valued at over $550 million, have been 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.