Weird metric but the overall point stands. Normally you'd make this comparison to Shareholder equity (Assets - liabilities). That is, you add up all cash, inve

Weird metric but the overall point stands. Normally you'd make this comparison to Shareholder equity (Assets - liabilities). That is, you add up all cash, investments, payable accounts, real estate, etc. etc. in one pile (assets), and subtract out all debts, payables to users, outflows etc. etc. in another (liabilities). Cash alone is meaningless. Fortunately, cash-on-hand happens to be close to the shareholder equity value, so the overall arguments made in this discussion remain valid. The most recent 10K from Robinhood suggests they had ~$7 Billion shareholder equity back in May 2022. So the overall "weirdness" is still worth thinking about. Almost all companies are worth "more" than their equity on hand, because we all expect them to be "profit machines", with some kind of weird ability to turn those assets into a sustainable form of making money. ------------- This kind of valuation means that shareholders expect Robinhood to be losing money in the short term (maybe long term?) to the point that those assets will be lost over time.