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REUTERS/Steve NesiusTesla CEO Elon Musk.<ul class="summary-list"><li>Elon Musk tweeted he'll be holding a "super fun AI party/hackathon" at his house next month.</li><li>The hackathon seems geared towards bolstering Tesla's self-driving division.</li><li>In Tesla's fourth-quarter earnings call last week, Musk admitted the company had missed his previous prediction that it would have "feature-complete full self-driving" by the end of 2019.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Elon Musk will be opening his home to coders and engineers next month in an apparent bid to attract AI talent to help push forward Tesla's autonomous driving ambitions.The tech billionaire tweeted on Sunday announcing himself and Tesla's AI and autopilot division would be throwing a "super fun AI party/hackathon" at his house in four weeks' time.When queried by a Twitter user about whether entrants will need a PhD, Musk said he's not even insisting on a high-school education."All that matters is a deep understanding of AI &amp; ability to implement NNs in a way that is actually useful," he wrote."NNs" is likely shorthand for neural networks, a type of machine learning modelled on the human brain.It's not clear from Musk's tweets which of <a href="https://www.businessinsider.com/elon-musk-spent-100-million-on-six-houses-2019-12?r=US&amp;IR=T">his multiple properties</a> will play host to the party, or how many people can expect an invite. The hackathon appears to be part of a wider recruitment drive for Tesla's autonomous driving program, as one hour earlier Musk <a href="https://twitter.com/elonmusk/status/1224043531951583233">tweeted a call</a> for applicants to join the company's autopilot division.Autopilot was also a topic for discussion during Tesla's Q4 earnings call on Wednesday last week, as <a href="https://www.businessinsider.com/elon-musk-contradicts-2019-prediction-about-tesla-autopilot-2020-1?r=US&amp;IR=T">Musk was forced to walk back his previous claim</a> that Tesla vehicles would be capable of "feature-complete full self-driving" without any human assistance by the end of 2019."It's looking like we might be feature-complete in a few months," Musk said Wednesday. He elaborated that "feature-complete" does not equal full self-driving capabilities: "Feature complete just means it has some chance of going from your home to work, let's say, with no interventions. It doesn't mean the features are working well," he said.Currently Tesla's Autopilot feature allows the car to "steer, accelerate and brake automatically within its lane," <a href="https://www.tesla.com/en_GB/autopilot">according to the company's website</a>, but still requires "active driver supervision."The safety of Tesla's Autopilot has come under increasing scrutiny since it launched. The US National Highway Traffic Safety Administration (NHTSA) has launched a total of 14 investigations into crashes involving Teslas on Autopilot at least three of which have <a href="https://www.cnbc.com/2020/01/08/us-safety-agency-opens-probe-into-fatal-tesla-crash-in-indiana.html">involved fatalities according to CNBC</a>, and last month <a href="https://www.businessinsider.com/tesla-touts-safeguards-as-senator-urges-company-to-rebrand-autopilot-2020-1?r=US&amp;IR=T">US Senator Edward Markey urged the company to rebrand the feature</a>, saying it has an "inherently misleading name."<a href="https://www.businessinsider.com/intelligence/bi-intelligence-daily?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=tesla&amp;itm_campaign=bi-intelligence-daily"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/airplane-food-tastes-different-explained-2020-1">Why food tastes different on planes</a></h3>

Elon Musk announced he's hosting a "super fun AI party" hackathon at his house next month

<ul><li>Tesla CEO <keyword id="6355315" type="PERSON" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> is inviting coders and engineers to participate in the hackathon or the ‘AI party’ at his place. </li><li>The event is expected to take place in four weeks from now. </li><li>And all it actually needs is a deep understanding of <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword> and its implementation. "Don’t care if you even graduated high school,” he said. </li></ul>Tesla CEO Elon Musk is opening doors to all AI enthusiasts across the globe to push the pedal on his autonomous driving vehicle plans. The tech billionaire took to Twitter to invite coders and engineers to participate in the hackathon or the ‘AI party’ at his place. The event is expected to take place in four weeks from now. 
	<div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1223183340171415552/XQcxk5Zb_normal.jpg" favoritecount="108177" retweetcount="5951" status="Tesla will hold a super fun AI party/hackathon at my house with the Tesla AI/autopilot team in about four weeks. Invitations going out soon." createdat="1580680133000" id="1224087317364854785"></div>



 “This shouldn’t be thought of as USA only,” he added in the tweet. The recruitment drive is set to hire diverse and AI-skilled professionals from all countries — to hire for its offices across the Bay Area, Austin or other Tesla Gigafactories. Skills not degree All it actually needs is a deep understanding of artificial intelligence and its implementation. Clarifying further, Musk also mentioned the eligibility criteria for the hackathon. “PhD is definitely not required. All that matters is a deep understanding of AI and ability to implement NNs in a way that is actually useful (latter point is what’s truly hard). Don’t care if you even graduated high school,” he said. Musk, who is also a critic of AI technology, has been actively talking about AI adoption. He had recently invited people to join Tesla’s Autopilot Test team. This spreads across areas like hardware, autonomy algorithms and neural networks. “Join AI at Tesla! It reports directly to me and we meet/email/text almost every day. My actions, not just words, show how critically I view (benign) AI,” he said stresing how ‘benign’ tasks are also evaluated by him directly. 
	<div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1223183340171415552/XQcxk5Zb_normal.jpg" favoritecount="42448" retweetcount="4867" status="“At Tesla, using AI to solve self-driving isn’t just icing on the cake, it the cake” - @lexfridman Join AI at Tes… https://t.co/jQkNAReWlb" createdat="1580669694000" id="1224043531951583233"></div>



 The company is adopting AI for its self driving cars as well. Those hired may be a part of the autopilot project. As of now, the autopilot feature allows the car to navigate within the lane and apply brakes. However, it still requires human intervention. “Tesla will soon have over a million connected vehicles worldwide with sensors and compute needed for full self-driving, which is orders of magnitude more than everyone else combined, giving you the best possible dataset to work with,” Musk tweeted. See also: <a href="https://www.businessinsider.in/defense/news/india-will-be-picking-up-ai-enabled-military-tech-from-south-korea-at-the-defexpo-2020/articleshow/73933364.cms">India will be picking up AI-enabled military tech from South Korea at the DefExpo 2020</a> <a href="https://www.businessinsider.in/careers/news/ai-and-machine-learning-jobs-are-in-demand-but-hiring-is-difficult/articleshow/72879872.cms">Indian CEOs are having a tough time retaining AI, ML, and data science experts</a> <a href="https://www.businessinsider.in/tech/article/heres-how-artificial-intelligence-changed-the-way-we-eat-write-drive-and-talk/articleshow/71846412.cms">Here's how artificial intelligence changed the way we eat, write, drive and talk</a>

Elon Musk invites techies to his 'AI party' — Indian high schoolers can also apply

<ul class="summary-list"><li><keyword id="4121539" type="PERSON" weightage="60" keywordseo="the-boring-company">The Boring Company</keyword> will celebrate the launch of its <keyword id="2390" type="COMPANY" weightage="60" keywordseo="Las-Vegas">Las Vegas</keyword> Loop with a Fallout-themed party.</li><li>The underground tunnels will eventually transport people from one side of Las Vegas' convention center to the other.</li><li>Though Musk said he will wait until the event is "allowed," he has a reputation for defying COVID-19 regulations. </li></ul>The <keyword id="4525444" type="PERSON" weightage="60" keywordseo="boring-company">Boring Company</keyword> plans to celebrate the opening of its Las Vegas tunnel projects with a Fallout-themed party, CEO <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> tweeted Sunday night.The event will take place "as soon as allowed" due to coronavirus restrictions, he said. Musk also posted a picture of himself with his three children in the Vegas Loop's loading dock.<a href="https://www.businessinsider.com/elon-musks-boring-company-to-build-las-vegas-tunnel-2019-5">The Vegas Loop</a>, the company's first project, is located beneath the city's convention center and will transport people 0.8 miles from one side of the building to the other. The development is nearing completion, and the company has <a href="https://www.businessinsider.com/elon-musk-boring-company-video-las-vegas-tunnel-project-rave-2020-12">previously slated its opening for January 2021</a>. The Boring Company has also applied to create <a href="https://www.businessinsider.com/elon-musk-boring-co-las-vegas-loop-tunnel-map-proposal-2020-10">an even bigger loop system</a> which would connect the entire Las Vegas strip with the airport, stadium, and more.Beyond Sin City, the Boring Company aims to reduce congestion by building a network of underground tunnels, which will be used for its high-speed subterranean <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">transportation</keyword>. Musk's sell is smaller tunnels, built more quickly more cheaply than traditional methods. Read more: <a href="https://www.businessinsider.com/stock-market-investing-space-industry-to-grow-1-trillion-bofa-2020-10?r=gd-sub">The space industry will grow by over $1 trillion in the next decade, Bank of America says. Here are the 14 stocks best positioned to benefit from the boom.</a>Musk has previously teased at the Loop system being a venue for parties. In December, he posted a video on Twitter with the caption <a href="https://www.businessinsider.com/elon-musk-boring-company-video-las-vegas-tunnel-project-rave-2020-12">"Tunnel Rave,"</a> which showed the Vegas tunnel lit up with bright lights and accompanied by loud music.The "Fallout" series is <a href="https://www.businessinsider.com/elon-musk-favorite-video-games-2017-6#5-the-civilization-series-of-course-5">among Musk's favorite video games</a>, Insider previously reported.Musk is known for balancing long hours working for his four companies with a party lifestyle. During his time at the University of Pennsylvania, he reportedly <a href="https://www.businessinsider.com/elon-musk-ran-a-nightclub-out-of-his-college-house-to-pay-rent-2015-9">ran a nightclub</a> out of his college house to pay rent, and in February 2020 he announced plans to host a <a href="https://www.businessinsider.com/elon-musk-announces-tesla-hackathon-at-his-home-2020-2">"super fun AI party" hackathon</a>. He has also been <a href="https://www.businessinsider.com/elon-musk-leonardo-dicaprio-orlando-bloom-beach-party-2017-7">spotted at a beach party</a> with Orlando Bloom and Leonardo DiCaprio, and has confirmed he attended an <a href="https://www.businessinsider.com/elon-musk-attended-notorious-silicon-valley-party-left-early-2018-1">alleged Silicon Valley "sex party"</a> in 2017, which he said he had mistaken for a costume party and left early.Though Musk said he will wait until the event is "allowed," the tech billionaire has a reputation for fighting COVID-19 regulations. Musk has <a href="https://www.businessinsider.com/elon-musk-promoted-coronavirus-misinformation-then-tested-positive-2020-11">promoted unscientific ideas and misinformation</a> about the virus, <a href="https://www.businessinsider.com/elon-musk-misinformation-about-coronavirus-cases-2020-7">attributing the surge in cases to testing errors</a>.He's also been a vocal opponent of lockdown measures. He <a href="https://www.businessinsider.com/elon-musk-tesla-to-leave-california-over-coronavirus-response-2020-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">urged leaders to "give people their goddamn freedom back,"</a> and even <a href="https://www.businessinsider.com/tesla-sues-california-county-alameda-over-factory-closures-2020-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">filed a lawsuit against Alameda County</a>, California, for making his electric vehicle company Tesla temporarily stop manufacturing at its Fremont factory.Tesla <a href="https://www.businessinsider.com/elon-musk-confirms-tesla-california-factory-open-risks-being-arrested-2020-5">restarted production at the factory</a> in May despite local shelter-in-place orders, and soon after, <a href="https://www.businessinsider.com/tesla-employees-test-positive-coronavirus-elon-musk-defied-orders-report-2020-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">"several" employees at its factories reportedly tested positive for COVID-19</a>. In June, the company reportedly <a href="https://www.businessinsider.com/tesla-plant-firings-elon-musk-covid-19-staying-home-2020-7?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">fired at least five people</a> at its Fremont factory for staying home amid the pandemic, after previously telling staff they were not obligated to come to work.Musk also said in September <a href="https://www.businessinsider.com/elon-musk-and-kids-wont-get-coronavirus-vaccine-2020-9">he and his family weren't planning to get a COVID-19 vaccine</a> when one became available, he was "not at risk for COVID, nor are my kids." He then <a href="https://www.businessinsider.com/elon-musk-symptoms-of-cold-positive-negative-coronavirus-tests-2020-11">tested positive for the virus</a> just two weeks later.

Elon Musk is planning a Fallout-themed opening party for the Boring Company's Las Vegas tunnels 'as soon as allowed'

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! If you've made it this far without getting on the TikTok bandwagon, don't sweat it. The emphasis on its shop and ads means <a target="_blank" href="https://www.businessinsider.com/tiktok-is-bad-boring-fyp-2024-2/">the app has gotten kind of bad</a>, writes Katie Notopoulos.In today's big story, we're looking at how a new sports streamer from a trio of media titans <a target="_blank" href="https://www.businessinsider.com/sports-streaming-app-disney-warner-fox-pay-cable-tv-nfl-2024-2">is set to change how we all watch TV</a>.What's on deck:<ul><li>Markets: Xi Jinping fired the boss of <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-economy-markets-xi-jinping-fires-markets-regulator-control-reforms-2024-2">China's top market regulator</a> as Beijing tries to put an end to a recent stock market rout.</li><li>Tech: Here's everything you get if you <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-unboxing-what-comes-with-headset">shell out $3,500 for Apple's Vision Pro</a>.</li><li>Business: The ex-banker behind the Instagram meme account that <a target="_blank" href="https://www.businessinsider.com/litquidity-anonymous-wall-street-meme-account-identity-2024-2">dominates Wall Street's rumor mill</a>.</li></ul>But first, what channel app is the game on?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>TV's new era</h3><div type="image" title="LA Lakers player Anthony Davis" height="1333" width="2000" msid="107532841" hostid="261" sizebytes="173054"></div>The Super Bowl is still a few days away, but something even more impactful to the world of sports is already underway.ESPN, Warner Bros., and Fox announced plans this week for <a target="_blank" href="https://www.businessinsider.com/espn-warner-disney-fox-launch-sports-streaming-platform-change-tv-2024-2">a new sports streaming service set to launch this fall</a>. The to-be-named streamer could ultimately upend how we all watch TV.Live sports have long been TV's crown jewel. They justify paying for a TV bundle with channels you mostly don't watch.The new streaming service, which includes access to networks like ESPN, ESPN2, ABC, FOX, and FS1, changes that equation by breaking off the most valuable pieces of the bundle.That could <a target="_blank" href="https://www.businessinsider.com/espn-wbd-new-sports-streaming-service-could-kill-cable-tv-2024-2?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_8971065">put an end to cable TV as we know it</a>, Nathan McAlone, Business Insider's deputy media editor, writes.Of course, it's still early days. (We don't even know the price, although it will reportedly be around $50 a month.) Ashley Rodriguez, BI's media editor, has a breakdown of the <a target="_blank" href="https://www.businessinsider.com/big-questions-espn-fox-and-wbd-new-sports-streamer-2024-2">six biggest questions about this new sports streamer</a>.Reactions are starting to pour in as pay-TV companies and sports leagues digest news they didn't get much advance notice of, Peter Kafka, BI's chief correspondent, writes. Peter spoke to industry execs <a target="_blank" href="https://www.businessinsider.com/sports-streaming-app-disney-warner-fox-pay-cable-tv-nfl-2024-2">to get their initial thoughts</a>.<div type="image" title="Sideline reporter Lisa Salters talks to Dallas Cowboys wide receiver CeeDee Lamb in December." height="1333" width="2000" msid="107532842" hostid="261" sizebytes="227016"></div>So, who are the biggest winners and losers from this deal? (We are talking about sports, after all.)I initially thought about gambling companies and their live-betting feature.Games on YouTubeTV, for example, are <a target="_blank" href="https://finance.yahoo.com/news/youtube-tv-adds-option-thats-225621344.html">noticeably delayed compared to cable TV broadcasts</a>. If this new service has latency issues, will people be less likely to place live wagers? (Although, some <a target="_blank" href="https://www.businessinsider.com/sports-betting-industry-predictions-top-execs-2023-12#sportradars-andrew-bimson-says-streamers-will-become-even-bigger-players-in-media-rights-conversations-leading-to-more-live-betting-opportunities-8">view the streamers as a big opportunity</a>.)I turned to the experts — Peter, Nathan, and Ashley — to get their take on how things could shake out.WinnersPeter: Media business nerds like myself. We've been wondering for a decade what it would take for someone to pull sports out of the pay-tv bundle. Now we get to find out what happens next.Nathan: Consumers. We can debate how much of a market there is for this new streamer, but choice is generally a great thing — especially when the default is the ever-worsening world of cable TV.Ashley: Fox. It's a smaller company than ESPN and Warner Bros. Discovery and wouldn't make sense for its own streamer. This gives it a chance to bundle with the bigger dogs to reach streaming viewers it probably couldn't have otherwise.LosersPeter: NFL fans. Following America's most popular sport already requires fans to navigate four broadcast channels, a couple of cable channels, and Amazon prime video. This new package, which will include about half of the nationally televised games, adds yet another thing to keep track of.Nathan: Cable news. If this is the start of the long journey of sports splitting off from the cable bundle, TV news has to start figuring out its post-cable future. The clock is ticking!Ashley: Comcast and Paramount. They were left out and may now face pressure to figure out their own strategies for sports streaming.<h2>3 things in markets</h2><div type="image" title="Leon Cooperman" height="2404" width="3500" msid="107532843" hostid="261" sizebytes="255224"></div><ol><li>Leon Cooperman sounds off on stocks being too expensive, Elon's salary, and more. The billionaire investor said <a target="_blank" href="https://markets.businessinsider.com/news/stocks/leon-cooperman-stock-market-outlook-national-debt-elon-musk-recession-2024-2">the S&amp;P 500's price-to-earnings ratio is too high</a>. He's not suggesting a full-blown recession, but he does expect stocks to slide this year.</li><li>NYCB's stock crash is an example of the risks of growing too fast as a bank. The Long Island-based bank acquired assets from the defunct Signature Bank <a target="_blank" href="https://www.businessinsider.com/nycb-stock-price-crash-commercial-real-estate-growth-risk-regulation-2024-2">that pushed it above a threshold that requires more stringent regulations</a>. "The irony is that if it wasn't for the regional banking crisis, New York Community Bancorp may never have triggered the $100 billion asset threshold at all," economist Marc Rubinstein said.</li><li>China fired its top financial watchdog. Securities Regulatory Commission boss Yi Huiman was ousted after a high-profile meeting with <a target="_blank" href="https://www.businessinsider.com/china-economy-markets-xi-jinping-fires-markets-regulator-control-reforms-2024-2">leader Xi Jinping</a>. Beijing is trying to put an end to a stock market rout that's wiped out over <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-markets-mainland-hong-kong-stocks-losses-economy-woes-2024-1">$6 trillion in valuation</a> since the start of 2021.</li></ol><h2>3 things in tech</h2><div type="image" title="The author wearing the Vision Pro (left); The Vision Pro box." height="975" width="1300" msid="107532844" hostid="261" sizebytes="112316"></div><ol><li>Everything you get when you buy the $3,500 Apple Vision Pro. We got our hands on the brand-new mixed-reality device. It comes with seven accessories, a soft cover, and a battery pack, among other things. <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-unboxing-what-comes-with-headset">Here's what else you can expect from the device</a>.</li><li>Tech layoffs are way down from last year. Why does it still feel so grim? This year's cuts are far less than in 2023, which saw more than 20,000 jobs eliminated in a matter of months. Still, there are small, continual layoffs by many tech companies this year, making <a target="_blank" href="https://www.businessinsider.com/tech-layoffs-way-down-from-2023-why-so-grim-2024-2">it feel like a constant stream of bad news</a>.</li><li>Microsoft is rolling out a generative AI tool to employees. The tech giant is bringing its workers up to speed with its <a target="_blank" href="https://www.businessinsider.com/microsoft-rolls-out-365-copilot-to-internal-teams-leaked-message-2024-2">Microsoft 365 Copilot</a> product, according to an internal message viewed by BI. It's also hosted a "hackathon" in a bid to get more developers to use AI.</li></ol><h2>3 things in business</h2><div type="image" title="An illustration of multiple TV screens depicting a mysterious persona." height="1000" width="2000" msid="107532845" hostid="261" sizebytes="274534"></div><ol><li>Who is behind Litquidity? When Litquidity's Instagram page launched in 2017, it was just supposed to be a funny meme account. In the years since, the account's followers and industry influence grew — as did its owner's ambitions. <a target="_blank" href="https://www.businessinsider.com/litquidity-anonymous-wall-street-meme-account-identity-2024-2">Now, we finally know who's behind the account</a>.</li><li>See how much private-equity employees are making. Business Insider analyzed data from the US Office of Foreign Labor Certification to determine how much top firms like Blackstone, Apollo, KKR, and Bain Capital <a target="_blank" href="https://www.businessinsider.com/private-equity-salaries-at-blackstone-apollo-kkr-bain-others">are paying their employees</a>. Analysts at KKR, for example, can earn a base salary of up to $150,000.</li><li>Disney takes a W. Disney posted better-than-expected earnings Wednesday, driving its shares up 7% in premarket trading. The entertainment giant also announced a $1.5 billion bet on <a target="_blank" href="https://www.businessinsider.com/disney-fortnite-maker-epic-games-investment-iger-2024-2">'Fortnite' maker Epic Games</a> and an exclusive deal to stream <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-stream-disney-plus-bonus-songs-2024-2">Taylor Swift's Eras Tour</a>. It feels like returning CEO <a target="_blank" href="https://www.businessinsider.com/bob-iger-disney-strong-earnings-taylor-swift-espn-streaming-fortnite-2024-2">Bob Iger is back on top</a>.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/layoffs-normal-business-cycle-amazon-health-chief-leaked-email-2024-2">In a leaked email, Amazon's healthcare boss tells employees not to believe 'speculation' about its business one day after announcing layoffs</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/king-charles-cancer-diagnosis-monarchy-vulnerable-collapse-destruction-william-kate-2024-2">The British monarchy has never been more vulnerable to destruction</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tesla-managers-identify-key-roles-potential-layoffs-sign-report-2024-2">Tesla is reportedly asking managers to identify which roles are most important in a sign layoffs may be coming</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/deep-sea-vision-vs-nauticos-amelia-earhart-wreckage-2024-2">2 ocean-tech companies are competing in a multimillion-dollar race to find Amelia Earhart's wreckage. One says it may be near the finish line</a>.</li></ul><h2>What's happening today</h2><ul><li>Today's earnings: Pinterest, ConocoPhillips, and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li><li>The US Supreme Court will hear a case to decide whether Donald Trump is eligible to run for president.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

The biggest winners and losers from the new sports streaming service

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Jack Randall, RobinhoodBaiju Bhatt, cofounder of Robinhood.</div></div></div><ul><li>Robinhood, the $1.3 billion San Francisco brokerage firm, is known for introducing zero-commission trades. </li><li>Cofounder Baiju Bhatt told Business Insider that his company, which is popular with millennials, will never lose sight of the first-time investor.</li><li>The startup recently said its user base surpassed 2 million.</li></ul>When Baiju Bhatt and Vladimir Tenev founded their online brokerage, <a href="https://robinhood.com/">Robinhood</a>, in 2013, they did so with the intention to give ordinary people a platform with which they could tap into the wealth of Wall Street.Hence the company's name, an homage to the English folk hero who stole from the rich to give to the poor.The San Francisco-based company launched in March 2015 and quickly became a favorite among younger people looking to invest without paying a commission for buying and selling stocks. Many established brokerage firms, including <a href="https://www.benzinga.com/fintech/17/03/9115728/td-ameritrade-to-lower-trading-commission-fees">TD Ameritrade</a> and <a href="https://www.usatoday.com/story/money/markets/2017/03/02/etrade-online-price-wars/98626998/">E-Trade</a>, were charging close to $10 on both sides of the trade when Robinhood came onto the scene.Since its launch, Robinhood has amassed over 2 million users who have bought and sold billions of dollars' worth of stocks. Meanwhile, Charles Schwab, E-Trade, and TD Ameritrade have all brought down their fees.Robinhood has catching up to do. TD Ameritrade, for instance, has over 10 million users. And Charles Schwab has 10.5 million active brokerage-account clients. But what Robinhood lacks in numbers it makes up for in style.<a href="http://www.businessinsider.com/how-to-use-robinhood-stock-trading-app-that-lets-you-trade-for-free-2015-11">The app itself is sleek and simple</a>, a big part of why it won an Apple Design Award.Business Insider recently caught up with Bhatt to discuss Robinhood's growth, the brokerage industry, and one fallacy he sees in the world of investing. This interview has been lightly edited for clarity and length.Frank Chaparro: How is business going?Baiju Bhatt: Business is going well. Robinhood Gold is doing really well. We recently released metrics around our overall growth. We have done $75 billion in transactions so far. And we recently hit 2 million users. We also have saved customers $500 million in commissions.Chaparro: You mentioned <a href="https://support.robinhood.com/hc/en-us/articles/214681823-Introducing-Robinhood-Gold">Robinhood Gold</a>. How has that been going?Bhatt: It is doing very well. It's serving a need that we saw in a part of our core user base, which includes people using Robinhood for the first time as well as those who have been with us since the beginning. A really large percentage of those users have become more mature investors. The No. 1 thing they kept asking for was the ability to use a margin feature. So that's Robinhood Gold. We announced it at the end of last year. I think it was right around the beginning of 2016 that we had the 100% rollout. And it has been growing pretty consistently every single month. The revenue has been very strong, and it was one of the key drivers of us being in a position to fundraise this year.Editor's note: Robinhood Gold is growing 20% month over month since its launch, according to Robinhood's Jack Randall.Chaparro: Are you looking to continue to provide advanced services similar to the ones offered by your more established competitors to attract sophisticated investors to your platform?Bhatt: I don't think providing the exact same products that incumbent brokerages offer is necessary for our success right now. There is a way to address the needs of all of our users, both new users and sophisticated ones, without alienating the new generation of people who are just starting to invest.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">RobinhoodRobinhood's free-trade model and simple design has made it a darling among millennial investors.</div></div></div>In time, as our users become more and more sophisticated, we will continue to add features that match them. But we hope to never lose sight of those first timers as well. Fundamentally, that should be the most important thing for financial-services companies. Making the entire industry something that serves the broader market, not just the people who make them a lot of money.Chaparro: So is your focus on the broader market or just those first-timers?Bhatt: Right now our user base is much more heavily concentrated with younger Americans. If there is a market we are "serving" it is definitely younger Americans. Our users are primarily between the ages of 18 and 34. I think 90% or more are under the age of 40. And that demographic, right, doesn't have that much overlap with the demographic of the people using traditional brokerages.Within that demographic, however, are many different kinds of investors. We have people who are actually quite sophisticated. People who have been investing for a number of years and who think about what they are doing with their money in a very analytical ways. And we also have people who are just entering the money class. They're, basically, interested in saving some money and making some money off their savings. Those two groups have a different need. But that gives us a cool challenge to make those interests work within an interface the size of a business card and still make sure it is very useful for people.Chaparro: How does it feel to have over 2 million users?<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Robinhood</div></div></div>Bhatt: It is a very difficult number to conceptualize. This is more of a comment on the human mind's ability to understand 2 million people. I think it is pretty difficult. But that question makes me think of when we were much younger.An interesting anecdote: When we launched, the wait list for Robinhood, on December 14 of 2013 - if you signed up it would show you the number of people in line in front of you, and you could share a referral link. If you got people to sign up with your link you could move up in line.We were spending a lot of time thinking, what if we have less than 5,000 people who sign up? Then maybe we shouldn't show them how many people are ahead of them. We ended up blowing past that number in 45 minutes. And the first weekend we were at 10,000 people. It's kind of interesting. And I think it was after a month that we hit 100,000 people. And that was the point at which I was unable to fully appreciate our reach.Chaparro: A lot of people, including <a href="https://www.forbes.com/sites/samanthasharf/2015/06/17/betterments-jon-stein-curb-your-enthusiasm-for-stock-picking/#22d8288d65be">Betterment's Jon Stein</a>, have said that stock picking is a bad idea since it's so difficult to beat the market. Are Robinhood users playing a losing game? Wouldn't they be better off just putting their money in an index fund that tracks the market?Bhatt: This is one of the fundamental logical fallacies that have been perpetuated in conversations about finance and consumers. There's this idea that the problem facing finance is that there are too many people not on the efficient frontier of investing. In other words, people are missing out because their portfolio doesn't particularly diversify and match the market, and they are exposed to too much risk. That's not the problem. The real problem is that in 2017, 10 years after the Great Recession, a lot of people don't have savings.A lot more people are working paycheck to paycheck. We think that is a more important problem to solve. And among young people, the employment rate is pretty high, which is a good thing. So we say to them, there are a lot of parts of investing that may be confusing to you. We say, the best thing we can say to those people is 'just do it.' Build up the necessary confidence to hold an investment for a month or for a year, and over time feel comfortable with the amount of money you are saving and get in the habit of putting a bit of money aside.Chaparro: One criticism made against Robinhood is that it allows young investors, who don't have the expertise, to invest in poorly performing stocks such as Snap, Blue Apron, and other tech startups just because they recognize the name. But isn't that the whole point?Bhatt: I think it is the whole point. Because, again, it comes back to the way we look at our role in the financial-services marketplace as a whole. We view our role as making the markets more accessible and giving people the full control to invest. The question, however, is what can we do to make better decisions? How can we take the actual things - such as the fundamentals of whether a company is a good investment or not - and communicate that to our users in terms that will make sense to them? These are some of the challenges we are focusing on right now on the product side.This could be something as simple as a list of companies showing the market cap of companies versus their sales growth. Showing some of those things in a way that is easy to understand. This is something we are excited about doing as we roll out more features.Chaparro: You mentioned the Great Recession. And that makes me think of this <a href="http://www.businessinsider.com/can-roboadvisers-survive-in-a-bear-market-2017-6">question hanging over the investing space</a> regarding apps like Robinhood and other online investment startups. Without someone to guide them through the bad times, do you think investors are more prone to pull their money out if there's a major correction?<div class="KonaFilter image-container display-table"><div><div class="image on-image">Getty Images / Kiyoshi Ota</div></div></div>Bhatt: That's an interesting question because we have actually seen a correction since Robinhood launched. Granted, it was not on the same scale as what happened in 2008.But if you remember, in the beginning of 2016 there was a pretty significant sell-off in Q1. And there were multiple days when the markets witnessed single-digit drops in the S&amp;P, and that was kind of interesting. Because we saw for the first time how people behave when the market is going down. And the behavior we saw was actually pretty interesting. Those were the days we saw the biggest net deposits we had ever seen.With this younger generation, when the market takes a slide, they see it as an opportunity to buy. They view the market as being on sale. It's kind of interesting, because I remember during Brexit, <a href="https://www.wsj.com/articles/robo-adviser-betterment-suspended-trading-during-brexit-market-turmoil-1466811073">Betterment decided they wouldn't let their customers withdrawal money</a>. I think that stems from this mindset of not thinking people should be in control of their money. It tends to be better to give people control over their money, rather than restricting their access to money during such times, because they're more likely to wait it out.Editor's note: Business Insider asked Betterment about Bhatt's remarks; it declined to comment.Chaparro: There's a lot of talk about how artificial intelligence and other emerging technologies will change the way we interact with our money. What technologies are you guys thinking of integrating into your offerings? For instance, will Robinhood users be able to ask their Alexa how their account is doing?Bhatt: That's actually interesting. I remember we had a hackathon last year, and my cofounder, Vlad, broke an Alexa integration for that. He's been using it, but we haven't released it to the public.When we think about new technology, there are a few things we consider. I'll have to pick my words carefully.We ask ourselves one basic question: What are the things that could have a meaningful impact on the financial lives of our consumers -primarily younger Americans? That is the deciding factor. We fundamentally want to make people's lives simpler. So we will look for technology that works toward that end.Chaparro: What are those things?Bhatt: I don't think there's a particular technology that will set the trajectory for us moving forward. We don't want to be one of the companies that say AI is the next big thing, let's go build an AI application for Robinhood. That might not work. 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