Meet this successful bunch of Indian-Americans behind some of the most popular startups and technology firms in the US

<ul class="summary-list"><li><keyword id="219358" type="PERSON" weightage="60" keywordseo="Mark-Cuban">Mark Cuban</keyword> will launch a competitor app to the buzzy startup <keyword id="1293839" type="PERSON" weightage="60" keywordseo="clubhouse">Clubhouse</keyword>, The Verge reported.</li><li>"All I can tell you is that I'm involved and love the project," Cuban told Insider.</li><li>Clubhouse is an invite-only audio chatting platform worth $1 billion.</li></ul>Mark Cuban is involved in an upcoming competitor to the hot invite-only audio startup Clubhouse.Cuban and co-founder Falon Fatemi will launch Fireside, a live-conversation app that allows users to record conversations, <a href="https://www.theverge.com/2021/2/8/22272148/mark-cuban-fireside-podcast-app-launch-creator-conversations">The Verge reported Monday</a>.Cuban confirmed to Insider he was involved with Fireside, but declined to answered when the company would launch. "All I can tell you is that I'm involved and love the project," he said in an email.Fatemi, once the <a href="https://www.businessinsider.com/google-youngest-employee-falon-fatemi-node-2018-12">youngest-ever Google employee</a>, previously got Cuban to <a href="https://www.businessinsider.com/business-advice-pitch-node-falon-fatemi-tips-2018-12">invest</a> in her startup Node, a AI-as-a-service platform. The co-founder said Fireside would allow for better conversations and prevent social-media echo chambers, she said in an email to creators obtained by The Verge.Read more: <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1?r=aa-sub">The unofficial story of how Clubhouse founders Paul Davison and Rohan Seth failed their way to a $1 billion app</a>Fireside will "level the playing field by empowering creators based on what they have to say (not how loud they yell) and we give their ideas the reach to turn a single conversation into the seed of the next media empire," Fatemi wrote, according to The Verge.<h2>Conversation-based apps are having a moment</h2>Clubhouse attracted attention recently after high-profile users <a href="https://www.businessinsider.com/clubhouse-app-good-time-show-hosts-elon-musk-mark-zuckerberg-2021-2">Elon Musk</a> and <a href="https://www.businessinsider.com/marc-andreessen-and-ben-horowitz-host-a-new-clubhouse-show-2021-2">Marc Andreessen</a> hosted talks. The 11-month old <a href="https://www.businessinsider.com/clubhouse-founders-share-advice-for-entrepreneurs-business-owners-2021-2">startup</a> allows users to enter "rooms" to discuss topics like sports, entertainment, and business with like-minded people. Clubhouse, founded by social entrepreneurs Paul Davison and Rohan Seth, already has 2 million users and <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1">a $1 billion valuation</a>, and its popularity may have inspired a <a href="https://www.businessinsider.com/want-to-be-on-clubhouse-you-can-pay-your-way-2021-2">black market</a> selling invitations to the app on Twitter, Ebay, and Craigslist. Cuban has been on Clubhouse since last year, per <a href="https://www.wsj.com/articles/inside-the-clubhouse-whats-all-the-fuss-about-silicon-valleys-exclusive-social-media-app-11594861201">The Wall Street Journal</a>. He has invested in other social-media apps like <a href="https://www.businessinsider.com/mark-cuban-backs-mercury-protocol-blockchain-communications-startup-2017-8">Mercury Protocol</a>, a messaging app built on blockchain, and <a href="https://www.businessinsider.com/mark-cubans-new-iphone-app-cyberdust-2014-4">Dust</a>, a messaging app where conversations self-destruct after 30 seconds.The "<keyword id="1417364" type="COMPANY" weightage="60" keywordseo="Shark-Tank">Shark Tank</keyword>" star and <keyword id="218068" type="ORGANIZATION" weightage="60" keywordseo="Dallas-Mavericks">Dallas Mavericks</keyword> owner frequently shares his opinions on politics and business on <a href="https://twitter.com/mcuban">Twitter</a>, and has said individualism and having a social conscious <a href="https://www.businessinsider.com/mark-cuban-social-conscience-good-business-2018-12">make for good business</a>.

Mark Cuban says he's 'involved' with an upcoming competitor to Clubhouse, the $1 billion invite-only conversation app Silicon Valley can't get enough of

<ul class="summary-list"><li><keyword id="1293839" type="PERSON" weightage="60" keywordseo="clubhouse">Clubhouse</keyword> was being valued at $4 billion in a new funding round, <a href="https://www.theinformation.com/articles/andreessen-horowitz-values-clubhouse-at-4-billionwith-dst-tiger">The Information</a> reported.</li><li><keyword id="47361" type="ORGANIZATION" weightage="60" keywordseo="VC">VC</keyword> firm Andreessen Horowitz reportedly led the round. </li><li>The social audio app was valued at <a href="https://www.businessinsider.com/clubhouse-early-employees-hiring-plans-2021-2">about $1 billion</a> earlier this year. </li></ul>Audio-only app Clubhouse is reportedly being valued at $4 billion in a fresh round led by venture-capital firm Andreessen Horowitz. <a href="https://www.theinformation.com/articles/andreessen-horowitz-values-clubhouse-at-4-billionwith-dst-tiger">The Information</a> on Friday reported the fundraising round, saying it would include investments from Tiger Global Management and DST Global. Both are newcomers to Clubhouse. <keyword id="3169683" type="PERSON" weightage="60" keywordseo="the-Information">The Information</keyword> didn't detail the amount the firms planned to invest. The outlet did report, however, that it was likely more than the <a href="https://www.businessinsider.com/clubhouse-early-employees-hiring-plans-2021-2">$100 million</a> Clubhouse raised in a previous round. In January, the app had been valued at <a href="https://www.businessinsider.com/clubhouse-early-employees-hiring-plans-2021-2">about $1 billion</a>. Bloomberg earlier this month reported <a href="https://www.businessinsider.com/clubhouse-funding-round-4-billion-valuation-social-media-app-2021-4">discussions ahead</a> of the funding round. The invite-only app launched for Apple users in March 2020. Amid buzzy press coverage, it jumped to more than 10 million users, according to the company.This month it partnered with Stripe to let users <a href="https://www.businessinsider.com/clubhouse-app-payments-donations-users-send-money-creators-stripe-2021-4">send money to creators</a> via their profiles, perhaps signalling a way to bring in revenue. Clubhouse has an increasing number of competitors, including clones made by social-media powerhouses <a href="https://www.businessinsider.com/facebook-hotline-app-clubhouse-test-video-instagram-2021-4">Facebook</a> and <a href="https://www.businessinsider.com/twitter-aims-to-make-live-audio-feature-spaces-available-globally-by-april-2021-3">Twitter</a>. The latter reportedly held talks with Clubhouse about a potential <a href="https://www.businessinsider.com/twitter-reportedly-held-discussions-to-buy-clubhouse-for-4-billion-2021-4">$4 billion buyout</a>, Bloomberg reported this month. The app has had its share of growing pains, including calls for <a href="https://www.businessinsider.com/clubhouses-growth-raises-troubling-questions-over-spread-of-misinformation-2021-3">greater content moderation</a>. Last week, Cyber News reported that personal data from 1.3 million users had been <a href="https://www.businessinsider.com/clubhouse-data-leak-1-million-users-2021-4">scraped and posted online</a>. A French government watchdog <a href="https://www.businessinsider.com/clubhouse-investigated-french-regulator-cnil-gdpr-privacy-data-2021-3">opened an investigation</a> into the company, following a complaint over data privacy. Andreessen Horowitz has previously invested in Clubhouse. The VC firm's Andrew Chen said he'd connected with Clubhouse cofounders Rohan Seth and Paul Davison in early 2020. At the time, the pair were working on a podcasting app called "Talkshow," Chen wrote in <a href="https://a16z.com/2021/01/24/investing-in-clubhouse/">a January 2021 blog post</a>. Instead, they launched Clubhouse.Chen said: "At the beginning, it was just a single 'room' where the founders hung out all the time. You could pop inside, have a great audio-only conversation with Rohan and Paul, and leave whenever you wanted."Clubhouse didn't immediately return a request for comment.

Clubhouse is being valued at $4 billion in new fundraising round led by Andreessen Horowitz, reports say

<ul class="summary-list"><li><a href="https://www.businessinsider.com/what-is-clubhouse-app">Clubhouse</a> is looking at a funding round that would value the <keyword id="235499" type="ORGANIZATION" weightage="60" keywordseo="APP">app</keyword> at $4 billion, <a href="https://www.bloomberg.com/news/articles/2021-04-06/clubhouse-is-said-to-discuss-funding-at-about-4-billion-value?sref=lAVQtUwz">Bloomberg</a> reported.</li><li>The audio-only app, which launched in March 2020, was valued at around $1 billion in January.</li><li><keyword id="1293839" type="PERSON" weightage="60" keywordseo="clubhouse">Clubhouse</keyword> says that it has 10 million weekly users, and other companies are developing competitors.</li></ul><a href="https://www.businessinsider.com/what-is-clubhouse-app">Clubhouse</a> is in talks to raise funding in a round with a $4 billion valuation just over a year after the audio app launched, <a href="https://www.bloomberg.com/news/articles/2021-04-06/clubhouse-is-said-to-discuss-funding-at-about-4-billion-value?sref=lAVQtUwz">Bloomberg</a> reported Tuesday, citing people familiar with the matter.This is up to <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1">four times the valuation</a> Clubhouse achieved in January.Read more: <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1">The unofficial story of how Clubhouse founders Paul Davison and Rohan Seth failed their way to a $1 billion app</a>The sources told Bloomberg that the terms of the round could still change, and the publication said it was unclear how much funding Clubhouse was seeking. <a href="https://a16z.com/2021/01/24/investing-in-clubhouse/">Andreessen Horowitz</a> has previously invested in the app.Clubhouse did not immediately respond to request for comment by Insider.The invite-only app has boomed in popularity over the last few months. The company said in late February that it had more than 10 million active users each week, and <a href="https://www.businessinsider.com/clubhouse-app-breach-audio-chatrooms-security-concern-conversations-streamed-2021-2">celebrities</a> including Paris Hilton, Oprah Winfrey, Facebook CEO Mark Zuckerberg, Tesla CEO Elon Musk, and entrepreneur Mark Cuban have all used the app.CEO Paul Davison said in late March that <a href="https://www.businessinsider.com/clubhouse-android-app-launch-release-date-invite-only-paul-davison-2021-3">Clubhouse could arrive on Android by summer</a> and might ditch its invite-only access. The app has also begun allowing users to <a href="https://www.businessinsider.com/clubhouse-app-payments-donations-users-send-money-creators-stripe-2021-4">send money directly to creators</a> through a partnership with payments company Stripe.But concerns have been raised over <a href="https://www.businessinsider.com/clubhouse-investigated-french-regulator-cnil-gdpr-privacy-data-2021-3">data privacy</a> and the <a href="https://www.businessinsider.com/clubhouses-growth-raises-troubling-questions-over-spread-of-misinformation-2021-3">spread of misinformation</a> on the app, and other tech companies, including <a href="https://help.twitter.com/en/using-twitter/spaces">Twitter</a>, <a href="https://www.nytimes.com/2021/02/10/technology/facebook-building-product-clubhouse.html">Facebook</a>, <a href="https://www.businessinsider.com/linkedin-is-doing-early-tests-on-a-clubhouse-audio-competitor-2021-3">LinkedIn</a>, and <a href="https://www.theverge.com/2021/3/30/22356993/spotify-locker-room-clubhouse-launch-acquisition">Spotify</a>, are all working on voice-chat competitors.

Clubhouse is reportedly in talks to raise funding in a round that values the audio app at $4 billion just a year after it launched

My husband founded a startup. Then our marriage got weird.

<ul><li>The social network for professionals has confirmed that it is working on ‘bringing audio’ to other parts of <keyword id="28120" type="COMPANY" weightage="20" keywordseo="Linkedin">LinkedIn</keyword> as it races to launch its <keyword id="1293839" type="COMPANY" weightage="20" keywordseo="clubhouse">Clubhouse</keyword> rival. </li><li>LinkedIn’s product is currently in the testing phase. </li><li>The company said that the audio experiences will be connected to the users’ ‘professional identity’, which would be the LinkedIn accounts of users. </li></ul>LinkedIn is the latest company to join the race to launch a <keyword id="11022554" type="UNKNOWN" weightage="20" keywordseo="clubhouse-clone">Clubhouse clone</keyword>. The US-based professional social media network has confirmed that it is testing Clubhouse-like audio features. Clubhouse is an audio-chat app that is currently available only for iPhones. It is <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1?IR=T">valued at $1 billion</a>, and was co-founded by Paul Davison and Rohan Seth. It has over 8 million downloads and at the moment, users need an invitation to join the service. The company <a href="https://www.businessinsider.in/tech/news/clubhouse-could-finally-arrive-on-android-and-ditch-invite-only-joining-by-the-summer-ceo-paul-davison-said/articleshow/81652539.cms">has said</a> it is working on an Android version as well. “We’re doing some early tests to create a unique audio experience connected to your professional identity,”LinkedIn’s spokesperson Suzi Owens said in a <a href="https://techcrunch.com/2021/03/30/linkedin-confirms-its-working-on-a-clubhouse-rival-too/">statement</a> to TechCrunch. “We’re looking at how we can bring audio to other parts of LinkedIn such as events and groups, to give our members even more ways to connect to their community,” Owens further added. When launched, LinkedIn will join a long list of social media companies racing against time to ensure they incorporate Clubhouse’ functionality into their own services. Twitter <a href="https://www.businessinsider.in/tech/news/twitter-ramps-up-roll-out-of-spaces-to-take-on-clubhouse/articleshow/80764144.cms">announced</a> it is rolling out Spaces to a wider number of users, Facebook is <a href="https://www.nytimes.com/2021/02/10/technology/facebook-building-product-clubhouse.html">reportedly</a> working on a similar product as well, Spotify is <a href="https://www.theverge.com/2021/3/30/22356993/spotify-locker-room-clubhouse-launch-acquisition">working</a> on its own take on Clubhouse, collaboration tool <keyword id="1815769" type="COMPANY" weightage="20" keywordseo="slack">Slack</keyword> is also <a href="https://techcrunch.com/2021/03/26/slack-wants-to-be-more-than-a-text-based-messaging-platform/">jumping in</a> on the craze and billionaire investor Mark Cuban <a href="https://www.firesidechat.com/">doesn’t want to be left out</a> either. According to a screenshot shared by TechCrunch, LinkedIn’s Clubhouse rival will include features like joining and leaving the room, comment reactions, and speaking requests, among other things. The layout is similar to that of the Clubhouse and Twitter Spaces apps. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/twitter-ramps-up-roll-out-of-spaces-to-take-on-clubhouse/articleshow/80764144.cms">Twitter ramps up roll out of 'Spaces' to take on Clubhouse</a> <a href="https://www.businessinsider.in/tech/news/mark-cuban-says-hes-involved-with-an-upcoming-competitor-to-clubhouse-the-1-billion-invite-only-conversation-app-silicon-valley-cant-get-enough-of/articleshow/80756919.cms">Mark Cuban says he's 'involved' with an upcoming competitor to Clubhouse, the $1 billion invite-only conversation app Silicon Valley can't get enough of</a> <a href="https://www.businessinsider.in/tech/news/clubhouse-could-finally-arrive-on-android-and-ditch-invite-only-joining-by-the-summer-ceo-paul-davison-said/articleshow/81652539.cms">Clubhouse could finally arrive on Android and ditch invite-only joining by the summer, CEO Paul Davison said</a>

LinkedIn joins the race to launch a Clubhouse rival

<a href="https://www.businessinsider.com/linkedin-data-scraped-500-million-users-for-sale-online-2021-4"></a>Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech">sign up here</a>.Let's get started.1. Hackers scraped data from 500 million LinkedIn users and posted it for sale online. In the wake of Facebook's major data leak, LinkedIn is investigating a leak that affected two-thirds of its users. <a href="https://www.businessinsider.com/linkedin-data-scraped-500-million-users-for-sale-online-2021-4">Here's what kind of data was scraped.</a>2. Amazon union workers in Bessemer, Alabama, are on track to reject plans to unionize. The National Labor Relations Board paused its public counting of Amazon employees' ballots shortly after 7 p.m. Eastern Time on Thursday <a href="https://www.businessinsider.com/amazon-anti-union-vote-leading-after-first-day-ballot-counting-2021-4">with the anti-union votes leading 1,100 to 463</a>.3. Leaked Amazon documents detail a controversial employee-review system that ranks employees in tiers. Insiders say the <a href="https://www.businessinsider.com/amazon-annual-performance-review-process-bonus-salary-2021-4">opaque tier system</a> requires that a certain percentage of employees rank at the bottom - even if they're performing well. <a href="https://www.businessinsider.com/amazon-employees-annual-reviews-rating-2021-4">We took a deep dive into the contentious review system.</a> 4. Amazon Prime Day will reportedly be held in June instead of July this year. Bumping up the shopping event could be to give the company a second-quarter boost, Recode reports. <a href="https://www.businessinsider.com/amazon-prime-day-june-report-2021-4">More on that here.</a>5. Billionaire Peter Thiel said bitcoin could be a "Chinese financial weapon." During a virtual seminar held by the Richard Nixon Foundation this week, the <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> investor also warned the cryptocurrency threatens the US dollar. <a href="https://markets.businessinsider.com/currencies/news/peter-thiel-bitcoin-chinese-financial-weapon-against-us-threatens-dollar-2021-4-1030284380">Here's what else he said.</a>6. Boston Dynamics' Spot robot was thrown into an army field test - but it ran out of battery mid-combat. The French military is testing Spot, the famous robot dog, in combat scenarios. <a href="https://www.businessinsider.com/boston-dynamics-spot-robot-french-military-combat-out-of-battery-2021-4">See photos of Spot in combat.</a>7. Facebook is testing an app that's similar to Clubhouse, but with video. The app, called Hotline, has a Q&amp;A feature. <a href="https://www.businessinsider.com/facebook-hotline-app-clubhouse-test-video-instagram-2021-4">Here's what the app would - and wouldn't - do.</a>8. Apple has reportedly delayed iPad and MacBook production due to the global chip shortage. Nikkei reported that Apple pushed back some component orders to the second half of this year - but iPhone production has not been affected. <a href="https://www.businessinsider.com/apple-ipad-macbook-delay-production-global-chip-shortage-2021-4">Here's what else you should know.</a>9. The founders of Clubhouse had a revealing conversation on their unstoppable rise. In a recent interview, Paul Davison and Rohan Seth discussed how they built the ever-popular audio-only app. <a href="https://www.businessinsider.com/clubhouse-founders-story-origin-2021-4">Read the nine key takeaways from the interview.</a>10. Fintech darlings Robinhood and SoFi want to democratize IPOs. The companies are looking to encroach on what's typically been wealthier investors' territory - opening up the IPO market to much smaller investors. <a href="https://www.businessinsider.com/sofi-robinhood-ipo-allocation-retail-investors-stock-trading-underwriting-brokerages-2021-3">Here's how they're trying to beat Wall Street at its own game</a>.<hr />Correction: Yesterday we misstated the cost of Best Buy's new membership program, Best Buy Beta. It will cost $199.99 per year. <a href="https://www.businessinsider.com/best-buy-amazon-prime-competitor-membership-discounts-free-installation-support-2021-4">More details on the program here</a>.<hr />Have an Amazon Alexa device? Listen to this update by searching "Business Insider" in your flash briefing settings.Compiled by Jordan Erb. Tips/comments? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb">@JordanParkerErb</a>.Sign up for <a href="https://newsletter.businessinsider.com/join/free">more Insider newsletters here.</a>

10 things in tech you need to know today

<ul class="summary-list"><li><keyword id="1293839" type="PERSON" weightage="60" keywordseo="clubhouse">Clubhouse</keyword>'s CEO said the currently invite-only platform will open to all users as soon as possible.</li><li>Clubhouse operates as a real time, audio-only application which allows users to go into individual "rooms" and have open conversations.</li><li>The site has generated headlines after hosting conversations with public figures like Oprah Winfrey and Elon <keyword id="364027" type="PERSON" weightage="60" keywordseo="Musk">Musk</keyword>.</li></ul>Clubhouse CEO Paul Davison told CNBC on Monday that he plans to open the currently invite-only application - known for hosting celebrities and Silicon Valley leaders - to all users when it launches. "We're working to open up to everyone as fast as we can" Davison said in <a href="https://www.cnbc.com/video/2021/02/01/clubhouse-ceo-interview-mission-growth.html">an appearance on CNBC's "Squawk Box."</a>Davison said he wants to make sure they "get the product right" before releasing it to the public, making sure the platform is the best it can be for facilitating constructive conversations and eliminating the pitfalls of other social-media applications.Clubhouse operates as a real time, audio-only application which allows users to go into individual "rooms" and discuss anything from politics, to social justice to pop culture.Read more: <a href="https://www.businessinsider.com/why-the-hype-about-1-billion-clubhouse-not-so-crazy-2021-1?r=gk-sub">I caved and tried Clubhouse, a 10-month-old startup with a $1 billion valuation. I'm not sure I'll use it, but at least now I get what all the fuss is about.</a>Davison says the app is designed to foster real communication during a time when other <keyword id="6354632" type="UNKNOWN" weightage="60" keywordseo="social-media">social media</keyword> networks like Twitter and Facebook have become increasingly toxic."The focus is on authentic human connection and dialogue, rather than likes or follows, and it's all using your voice," Davison said.Other social-media networks like <a href="https://www.businessinsider.com/ceo-john-matze-parler-may-never-get-back-online-amazon-2021-1">Parler have had difficulty</a> monitoring conversations, and platforms like <a href="https://www.businessinsider.com/facebook-has-blocked-president-trump-indefinitely-2021-1">Facebook</a> and <a href="https://www.businessinsider.com/jack-dorsey-speaks-twitter-trump-ban-capitol-riots-2021-1">Twitter</a> have been forced to increase moderating efforts, even suspending former President Donald Trump from their sites.Davison plans to moderate conversations in real time, but the app has had trouble with moderation in the past. Users have reported misinformation on vaccination, as well as hate speech. During Yom Kippur, the holiest day of the year for Judaism, users reported a chatroom that turned into a string of <a href="https://www.businessinsider.com/clubhouse-anti-semitism-chat-on-yom-kippur-2020-9">anti-Semitic hate speech</a>.See also: <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1?r=gk-sub">The unofficial story of how Clubhouse founders Paul Davison and Rohan Seth failed their way to a $1 billion app</a>Clubhouse has strict guidelines on hate speech and harassment, according to Davison. The site has moderators that are equipped to step in on difficult conversations and allows users to report conversations that violate the site's policies."Any social network needs to make moderation a top priority," Davison said. "We have very strict guidelines in place that explicitly tell you what's not okay." He says the social media network centers on the importance of <keyword id="78075" type="PERSON" weightage="60" keywordseo="free-speech">free speech</keyword> and dialogue."We believe in the power of voice," Davison said. "The fact that anyone can go there without a following, without an audience and create conversations like that, that's what gets us excited."The company also plans to allow users to make money directly from the site through subscriptions, ticketed events, and tipping.The social-media application has gained public attention over the past year for hosting <a href="https://www.vogue.com/article/everything-you-need-to-know-about-clubhouse">public figures </a>like Oprah Winfrey and Jared Leto, as well as many Silicon Valley leaders. Clubhouse has over a <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1">$1 billion valuation</a> even though it has yet to post any revenue and was founded less than a year ago.On Sunday, Tesla CEO Elon Musk <a href="https://www.businessinsider.com/elon-musk-clubhouse-robinhood-ceo-vlad-tenev-interview-gamestop-stocks-2021-2">conducted</a> an interview with Robinhood CEO Vlad Tenev, questioning the CEO regarding his decision to limit the trading of more volatile stocks like GameStop and AMC on the app.<iframe width="560" height="349" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&amp;byGuid=7000175232" frameborder="0" scrolling="no"></iframe>

Invite-only chat app Clubhouse, which Elon Musk used over the weekend, says it plans to open its doors to everyone as soon as possible

<ul class="summary-list"><li><keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> interviewed <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> CEO <keyword id="6520524" type="UNKNOWN" weightage="60" keywordseo="vlad-tenev">Vlad Tenev</keyword> on Sunday night on the audio app Clubhouse.</li><li>He asked Tenev about why Robinhood stopped users from trading "<keyword id="10688429" type="UNKNOWN" weightage="60" keywordseo="meme-stocks">meme stocks</keyword>" such as <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword>.</li><li>Tenev said the company had been asked to place a $3 billion deposit after those stocks soared.</li></ul>The GameStop stock saga took a new turn on Sunday night when Tesla CEO Elon Musk unexpectedly interviewed Vlad Tenev, the CEO of the trading app Robinhood, on the new audio app <a href="https://www.businessinsider.com/why-the-hype-about-1-billion-clubhouse-not-so-crazy-2021-1">Clubhouse</a>.Robinhood was the target of widespread outrage last week when it <a href="https://markets.businessinsider.com/news/stocks/robinhood-removes-gamestop-amc-reddit-wallstreetbets-fueled-stock-rally-gme-2021-1-1030015292">stopped users from purchasing shares of GameStop, AMC, BlackBerry</a>, and other so-called meme stocks that had <a href="https://www.businessinsider.com/explainer-what-is-going-on-with-gamestop-stock-2021-1">rocketed over the week</a>, fueled by <keyword id="334157" type="COMPANY" weightage="60" keywordseo="Reddit">Reddit</keyword> users.Musk went on Clubhouse for a wide-ranging interview in which he spoke about his plans to colonize Mars; his neural-technology company, Neuralink; and his love of memes. At the end of the interview, Musk brought in Tenev, introducing him as "Vlad the stock impaler."Read more: <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1?r=oo-pol">The unofficial story of how Clubhouse founders Paul Davison and Rohan Seth failed their way to a $1 billion app</a>"Spill the beans, man, what happened last week? Why couldn't people buy the GameStop shares?" Musk said. "The people demand an answer, and they want to know the details and the truth."Tenev said Robinhood had been forced to temporarily stop users from buying those stocks because the surge had resulted in a deposit requirement of $3 billion from the National Securities Clearing Corporation. Robinhood, which had raised only $2 billion in venture capital, spoke with the NSCC to get that requirement reduced to $700 million, Tenev said.His comment echoed a <a href="https://blog.robinhood.com/">statement</a> from Robinhood on Friday.<div type="image" title="Vlad Tenev" height="1901" width="2535" msid="80634065" hostid="261"></div>Tenev said that the NSCC's decision-making process to get to the $3 billion figure was "opaque" and that it was hard to know why it settled on that."Did something maybe shady go down here?" Musk said.Tenev answered that he wouldn't say so, adding that the NSCC had been cooperative after the initial $3 billion deposit request.Musk also asked whether Citadel Securities, a market maker and intermediary for Robinhood, could have influenced the NSCC's decision."There was a rumor that Citadel or other market makers kind of pressured us into doing this," Tenev said, "and that's just false.""But wouldn't they have a strong say in who got put in charge of that organization since it's an industry consortium and not a government consortium, or not a government regulatory agency?" Musk said of the NSCC.Tenev said he didn't "have any reason to believe" that. "Then you're getting into the conspiracy theories a little bit," he said.A Citadel spokesperson told Insider: "Citadel Securities has not instructed or otherwise caused any brokerage firm to stop, suspend, or limit trading or otherwise refuse to do business. Citadel Securities remains focused on continuously providing liquidity to our clients across all market conditions."Musk regularly chimed in during the interview with jokes; at one point he asked Tenev, "Is anyone holding you hostage right now?"Many of the Reddit traders said a motivation for galvanizing meme stocks was to <a href="https://markets.businessinsider.com/news/stocks/reddit-day-traders-investors-conflict-with-wall-street-hedge-funds-2021-1-1030016712">take on hedge funds with heavily shorted stocks</a>. Musk, who has historically attacked short-sellers, has been described as a sort of <a href="https://www.nytimes.com/2021/01/29/business/elon-musk-gamestop-twitter.html">folk hero</a> for Reddit day traders.This wasn't the first time Musk demanded answers from Robinhood. Last week, he <a href="https://www.businessinsider.com/elon-musk-aoc-robinhood-gamestop-2021-1">expressed support for Rep. Alexandria Ocasio-Cortez's call for</a> the House Financial Services Committee to hold a hearing on the app's actions.Robinhood allowed trading of meme stocks to resume on Monday <a href="https://markets.businessinsider.com/news/stocks/robinhood-narrows-list-restricted-stocks-from-50-8-gamestop-users-2021-2-1030027218">with some restrictions</a>.<h2>Listen to Musk and Tenev's full exchange here:</h2><iframe width="560" height="315" src="https://www.youtube.com/embed/Cba53J1jyPM?start=6241" frameborder="0"></iframe>

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