Super High Taxes for ‘Mediocre at Best’ Results [WATCH]

Robinhood CEO Vlad Tenev warned that California is becoming an increasingly difficult place to do business, cautioning that the state risks undermining the entrepreneurial foundation that has long powered its economy if structural problems are not addressed.

Tenev made the remarks while discussing California’s business climate, fiscal challenges, and the role of Silicon Valley in driving economic growth. While emphasizing his personal attachment to the state, Tenev said worsening conditions could threaten the very factors that made California an innovation hub.

“I love California, right? I love what it represents. I think it’s, it’s a great state, but I think it’s becoming an increasingly more difficult place to do business, right?” Tenev said.

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He compared the situation to a well-known cautionary tale, arguing that the state may be harming its own economic engine through policy and fiscal mismanagement.

“And I think that there’s a big risk of, like, you know, the the fable of the the goose that laid the golden egg? Yeah, you learn about it in school. Yeah, it’s, it’s kind of like, what’s going on here, right?” he said.

Tenev pointed to Silicon Valley’s concentration of founders and entrepreneurs as a critical component of California’s economy, warning that complacency could cause long-term damage.

“Like, California, Silicon Valley, a lot of founders, a lot of entrepreneurship. It’s a big part of the economy,” he said.

“And yeah, I think if we’re not careful, yeah, you don’t, you don’t want to lose that. I think that that’s like a big part of what makes California great.”

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Despite his concerns, Tenev said he intends to remain in the state and push for reforms that would improve the business environment.

“So I’d like to see, and I’m obviously intending to stay and push for this California to actually become the best place to do business in the country,” he said.

He argued that California should not rely on its reputation or natural advantages alone, warning against what he described as growing complacency.

“I don’t think that it should be, it should get complacent. Yeah, right. I think there’s a, there’s a real risk of complacency,” Tenev said.

“And, you know, the weather is great for sure. But like, why not be great across the board?”

Tenev said state leaders should focus on strengthening what already works while addressing deeper financial problems.

“And actually, like, recognize that what we have is good and lean into that,” he said.

A major concern raised by Tenev was California’s fiscal condition, which he described as a long-term structural issue rather than a short-term budget gap.

“And also, you know, we’ve got to figure out how to get the fiscal health better. That’s for sure. The fiscal health is not good,” he said.

“And I think I think it’s a structural problem. I don’t think one time taxes will fix the problem. I think that the problem is on a structural level.”

Tenev also called for greater accountability in how taxpayer funds are handled, arguing that high tax burdens have not translated into commensurate results in public services.

“And for sure, there’s like, a big effort to root out and weed out fraud and abuse and, like, mishandling of taxpayer funds,” he said.

He pointed specifically to education and infrastructure, saying outcomes do not match the level of taxation Californians face.

“The fact that we pay so much in taxes, in the schools and the infrastructure, sort of like mediocre at best,” Tenev said.

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