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   DealBook: Robinhood doubles down
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             September 15, 2025
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          Good morning. Andrew here. We’ve got an exclusive this morning that is going to make noise on Wall Street and in Washington: Robinhood is creating a new fund to sell access to privately held companies to retail investors. If approved by the S.E.C., it could upend the idea that private companies like OpenAI and SpaceX are unavailable to ordinary investors.
         </span>
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          Yet the fund also raises questions about disclosure rules — and what the difference in obligations should be between private and public companies. Whatever happens, it is probably another step on the path to making private investments more accessible. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             Robinhood, the popular trading app, plans to give customers more access to invest in privately held companies.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Mark Lennihan/Associated Press
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Robinhood gets into venture capital
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Robinhood drew plenty of attention — and criticism — this summer when it announced a service that uses crypto to give customers in the European Union a piece of high-flying start-ups like OpenAI.
         </span>
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         <span>
          Now the trading platform is doubling down on that commitment to widen access to privately held companies in the U.S.: It plans to unveil a new publicly traded fund that will invest in a collection of start-ups, giving ordinary shareholders entry into the world of venture capital. DealBook has a sneak peak at the project.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Meet Robinhood Ventures Fund I,
         </span>
         <span>
          a closed-end fund that Robinhood is registering with the S.E.C. that will trade on the New York Stock Exchange. It will invest in a “concentrated portfolio” of what it called leading start-ups across several sectors. The plan is subject to S.E.C. approval.
         </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Opening up private markets has become big business,
         </span>
         <span>
          as Wall Street firms pitch products linked to markets once available only to big institutions and wealthy investors. Robinhood pointed to two longstanding trends: a sharp drop-off in the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          number of publicly traded companies
         </a>
         <span>
          in the U.S. and the exploding growth in the value of privately held start-ups. Consider that OpenAI’s valuation jumped from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $157 billion last fall
         </a>
         <span>
          to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $500 billion last month
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          .
         </span>
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          “For decades, wealthy people and institutions have invested in private companies while retail investors have been unfairly locked out,” Vlad Tenev, Robinhood’s chairman and C.E.O., said about the new fund. “With Robinhood Ventures, everyday people will be able to invest in opportunities once reserved for the elite.”
         </span>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The venture fund comes after the brokerage began offering stock tokens,
         </span>
         <span>
          crypto-based assets that are linked to company securities, in the E.U. (It now offers tokens linked to more than 200 companies.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What got investors’ — and regulators’ — attention was when Robinhood gave away $1.5 million worth of tokens it said
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          were linked to OpenAI and SpaceX
         </a>
         <span>
          , which aren’t publicly traded.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The token project faced pushback.
         </span>
         <span>
          OpenAI declared that it wasn’t involved in the Robinhood product. Tenev later conceded that its OpenAI tokens weren’t “technically an equity instrument,” and Robinhood said that they were linked to its ownership stake in a special purpose vehicle.
         </span>
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           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A spokesman at Lithuania’s central bank, which is Robinhood’s lead regulator in the E.U., told DealBook it was seeking clarification from the company over
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the OpenAI and SpaceX tokens
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Critics worry about exposing ordinary investors to much riskier assets.
         </span>
         <span>
          Real estate funds pitched to individual investors, including those run by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Blackstone
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Starwood
         </a>
         <span>
          , have taken big hits in recent years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Giving Main Street investors the chance to get into the inherently volatile venture capital business could raise new concerns.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="30">
           </td>
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          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The U.S. and China meet today for a second day of trade talks.
         </span>
         <span>
          This round is again headed by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Treasury Secretary Scott Bessent and the Chinese vice premier, He Lifeng, with a November tariff-truce deadline and TikTok on the agenda. This weekend, Beijing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          opened an investigation
         </a>
         <span>
          into the U.S. over chips dumping. Elsewhere, Brazil’s president, Luiz Inácio Lula da Silva, pushed back against President Trump’s tariffs on his country as “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          not only misguided but illogical
         </a>
         <span>
          ,” while U.K. businesses are finding that their 10 percent tariff agreement may
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          not be the great deal
         </a>
         <span>
          it once seemed.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          China’s economic slowdown worsens.
         </span>
         <span>
          Beijing reported
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disappointing economic data
         </a>
         <span>
          today including worse-than-expected retail sales and industrial output that grew by the slowest rate in a year. China’s troubled real estate market also plunged further, but investors don’t appear too worried: China’s C.S.I. 300 stock index rose.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Trump weighs in on interest rates.
         </span>
         <span>
          The president said he
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected a “big cut”
         </a>
         <span>
          from the Fed at its meeting Wednesday, when it is widely expected to lower borrowing costs — but by a quarter point. The White House also renewed its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          push to fire
         </a>
         <span>
          Lisa Cook, the Fed governor, over accusations of mortgage fraud, filing an appeal in federal court yesterday arguing that Cook’s arguments for staying on the job were without merit as it tries to exert more control over the rates-setting body. On that note, the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Senate votes today
         </a>
         <span>
          on the confirmation of Stephen Miran, Trump’s pick as a temporary Fed governor.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
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           <td height="20">
           </td>
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          What’s not in Hochul’s Mamdani endorsement
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Gov. Kathy Hochul of New York broke her silence on the New York City mayoral race yesterday,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          endorsing Zohran Mamdani
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Times Opinion guest essay
         </a>
         <span>
          , Hochul wrote that she has emphasized to Mamdani, whose economic views have spooked many of the city’s corporate leaders, that Job One is “keeping and attracting businesses so that New York remains the center of the global economy.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But her endorsement leaves several questions, including where she stands on Mamdani’s more controversial ideas, including a wealth tax, Vivienne Walt reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          If elected, Mamdani would need the political support of Hochul
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          to approve his tax plan,
         </span>
         <span>
          which would include
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raising city income tax by two percentage points
         </a>
         <span>
          on those earning $1 million. He has said that would raise $4 billion a year and help finance free buses and universal child care.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mamdani’s ideas closely align with those of Gabriel Zucman
         </span>
         <span>
          , an economist at the Paris School of Economics and the University of California at Berkeley. His plan to tax the richest in France — called the “Zucman tax” — has ignited a similar outcry among corporate leaders there, too.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zucman’s ideas have been embraced in the U.S. by the likes of Senator Elizabeth Warren and Senator Bernie Sanders. And snippets of such wealth taxes appeared in the presidential campaign platforms of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Joe Biden
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Kamala Harris
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Wealth taxes have been attacked on both sides of the Atlantic.
         </span>
         <span>
          Critics, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          business leaders
         </a>
         <span>
          across the political spectrum, say that such targeted taxes would drive away wealthy taxpayers, starving governments of crucial funds. Hochul herself rejected Mamdani’s proposal in June, saying, “I don’t want to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lose any more people to Palm Beach
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But some analysts say those threats are overblown. About 2.5 percent of wealthy Americans move every year to other tax jurisdictions, compared with about 5 percent of low-income taxpayers, according to Cristobal Young, an associate professor of sociology at Cornell who studied I.R.S. data.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zucman said that Mamdani’s plan amounted to an income tax of 2 percent. “That’s really not a lot of money for people who have businesses and families and networks and various interests in New York,” he said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          In any case, a wealth tax in New York probably remains a long shot.
         </span>
         <span>
          But
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Zucman told DealBook that the political winds are beginning to turn. “The odds are good even if the timing is uncertain,” he said, adding, “People see that everyone pays a lot of tax, with one exception: ultra-high-wealth individuals.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Hochul is running for re-election next year, and didn’t mention the issue in her endorsement.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         GLOBAL VIEW
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Widening Gulf
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Arab and Islamic leaders will hold an emergency summit today in Qatar. Atop the agenda is Israeli’s deadly airstrike last week on Hamas leaders meeting in the capital, Doha. The question of whether the White House had foreknowledge of the attack — or gave tacit approval — has roiled the region.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The response is being closely watched by investors in the oil and cash-rich Middle East and beyond.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It comes on the fifth anniversary of the first signing of the Abraham accords.
         </span>
         <span>
          Those diplomatic and trade agreements, reached in President Trump’s first term, have generated solid and growing trade between Israel and the United Arab Emirates, Bahrain, and Morocco.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With the region on edge, some commentators fear that the bonhomie between Gulf leaders, Washington and Israel looks shaky:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The promise of American protection lies in ruins,”
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Soumaya Ghannoushi, an analyst, wrote
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the London-based Middle East Eye last week. “For decades, Gulf rulers believed oil, bases and investments could buy security.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The attacks have thrown into question the U.S.’s relationship with Gulf States, including its military base in Qatar, Faisal J. Abbas, editor of the Saudi paper Arab News, wrote in an
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                opinion piece for Semafor
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on Friday. “If American military presence no longer guarantees protection, and if its diplomatic assurances can be so easily undermined,” he wrote, “then what is the value of the military presence?”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                James Dorsey, senior fellow on the Middle East at the S. Rajaratnam School of International Studies in Singapore, told
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                China’s Global Television Network
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                yesterday that regional leaders could shift some of their military spending to Europe or China: “There is no doubt a question mark in the minds of Gulf leaders regarding the reliability of the U.S. as a security partner.”
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Are the accords at risk
         </span>
         <span>
          ? U.A.E. leaders, who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          warned
         </a>
         <span>
          Prime Minister Benjamin Netanyahu of Israel earlier this month that his plans to annex the West Bank would destroy the Abraham accords, expressed outrage over last week’s attack.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even The Jerusalem Post, a center-right publication,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          warned
         </a>
         <span>
          today that the Netanyahu government’s actions were risking the country’s status and power abroad. “Unless Jerusalem is prepared to embrace pariah status — with all the economic, cultural, and security consequences that entails — it must pivot now,” the paper’s editorial board wrote. The Qatar attack, it said, “came at a fierce diplomatic cost that may not be restored.”
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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            <span>
             THE SPEED READ
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Elon Musk
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                bought $1 billion worth of Tesla shares
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                on Friday, according to a new regulatory filing. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brookfield Asset Management is said to be in talks to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy Yes! Communities
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a U.S. landlord, from the Singaporean sovereign wealth fund G.I.C. for more than $10 billion. (FT)
               </span>
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