Robinhood Markets (HOOD) is offering a 2% cash reward for customers who move their Tesla (TSLA) shares to the trading platform. The move comes as Tesla investors prepare to vote on Chief Executive Elon Musk’s large pay package at today’s shareholder meeting.
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The promotion runs through November 19 and applies to portfolios that include at least one full Tesla share owned since November 3 or earlier. Robinhood Chief Executive Vlad Tenev confirmed the offer on X after a poll showed strong support among users. Elon Musk reacted to the post with a fire emoji, drawing more attention from Tesla’s investor base.
In order to receive the bonus, customers must keep the assets in their accounts for a set period. The 2% reward will be credited two weeks after the transfer is settled. The offer does not apply to managed accounts or retirement rollovers.
Meanwhile, HOOD shares climbed handsomely on Wednesday, rising 4.15% to close at $142.48.
Timing Around Tesla’s Key Vote
The offer arrives as tensions rise among Tesla shareholders and brokerage firms over proxy voting on Musk’s compensation plan. Some investors had considered leaving Charles Schwab (SCHW) after reports suggested it might oppose the package. The firm later clarified that it would support the plan. Robinhood’s new incentive seems to target those investors who were already thinking about moving their holdings.
Robinhood’s Strong Earnings Momentum
The timing also follows strong third-quarter results for Robinhood. The company reported $1.27 billion in revenue, nearly double the figure from the previous year, and earnings per share of $0.61, compared to the $0.54 expected by analysts. Robinhood’s shares have climbed about 280% this year, making it the top performer in the S&P 500 (SPY).
By linking its latest promotion with a major Tesla event, Robinhood is extending its push to attract active traders. As Tesla’s shareholder meeting unfolds, both companies are drawing fresh attention from retail investors watching to see the next move by Musk and his supporters.
Is HOOD stock a Buy?
Robinhood enjoys a relatively positive sentiment among the Street’s analysts, with a Moderate Buy consensus rating. The average HOOD stock price target stands at $144.29, implying a 1.27% upside from the current price.
