SoFi CEO Anthony Noto on state of the economy, product offerings and growth outlook

CNBC’s Julia Boorstin and SoFi CEO Anthony Noto join 'Squawk Box' to discuss the state of the economy, SoFi's product offerings, navigating in a high interest rate environment, growth outlook, AI integration, and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/42d859g
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[@babtomorri]

Noto is a great CEO. Stock is not the company and the company is not the stock.

[@jw_adventures]

the stock always catches up to the company and my now 89k shares are ready for that day!!!

[@b.sharp.]

Horrible CEO with zero background in fintech. The guy was the CFO then COO of Twitter and look how that turned out. He has no experience as being a CEO and the stock has reflected his inexperience. He calls Sofi a 1 stop shop but doesn't offer anything that amex, chase, citi, etc don't already offer all in one place. Watched an interview with ARK Invest from earlier this year, where he said he didn't even know that Chase had a brokerage service. Absolutely clueless! In that same interview, he calls DAVE a key competitor. Then in this very interview here, he just said that "fintech companies with credit exposure have been hit hard", but that's just not true. Sofi is DOWN 33% YTD, while DAVE is UP 293% YTD.

[@gregoryspera4062]

@@jw_adventures I think we are ALL more than ready for that day, by now.

[@88doonyboy88]

Well said. Exactly.

[@b.sharp.]

@babtomorri I beg to differ. This CEO has zero background in fintech. Noto was the CFO then COO of Twitter, and look how that turned out lol. He has never held the role of CEO before, and the stock has reflected his inexperience. He calls Sofi a 1 stop shop but doesn't offer anything that amex, chase, citi, etc don't already offer all in one place. Check out his interview with ARK Invest from earlier this year where he said he didn't even know that Chase has their own brokerage service. In that same interview, he calls DAVE a key competitor. Then in this very interview here, he just said that "fintech companies with credit exposure have been hit hard", but that's just not true. Sofi is down 33% YTD, while DAVE is up 293% YTD.

[@DG-yp6bl]

Noto is a top 5 ceo in my book.

[@theteacher2000]

Yes, he and Alex Karp

[@b.sharp.]

@@DG-yp6bl why? He has zero prior CEO experience and has provided only losses for shareholders

[@theteacher2000]

​@@b.sharp.yes. Historically revolutions have been driven by very experienced people. Not new thinkers at all. 🤔🤔🤦‍♂️🤦‍♂️🤦‍♂️🤦‍♂️🤦‍♂️

[@b.sharp.]

@theteacher2000 those aren't mutually exclusive concepts 🤣🤣🤣 you don't have to be an outsider to bring change in the industry. What backwards thinking. And to consider Noto a force for change is just laughable. He's changed nothing in the industry. He is the most cliche big business stiff. Text book in fact. His background is literally as an investment banker.

[@GARP-Investor]

The stock has it's biggest discount now. They turned into profit even though rates increased dramatically. AI will help to grow with less risk. Companies outlook is fantastic. I don't understand the short interest of 18% but I'm excited to see that short squeeze!

[@pbhakta80]

I bought a ton of SOFI today ahead of NOTO on CNBC

[@redoubt6784]

Noto for President

[@goodfeather16]

Why would Noto step down from CEO of Sofi to President of Sofi?

[@redoubt6784]

@@goodfeather16 i meant the president of the United States ha

[@Truth-hurts-890]

@@redoubt6784he’s too smart for that job

[@redoubt6784]

@@Truth-hurts-890 so true

[@trunkmonkey355]

CNBC cut that abruptly..😂

[@SpotTheOdd123]

Haha. I noticed that too. Props to Noto for being honest about his views 👏

[@EmpireEnglishSchool]

He's a master of promoting the business while answering non-related questions 😅

[@OliverLiam-px3vx]

Purchasing a stock may seem straightforward, but selecting the correct stock without a proven strategy can be exceedingly challenging. I've been working on expanding my $210K portfolio for a while, and my primary obstacle is the lack of clear entry and exit strategies. Any advice on this matter would be greatly appreciated.

[@BrianAlbert-hh3pi]

The strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have a great deal of skill and knowledge to pull such trades off.

[@AshleyKeith-vw7ws]

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from Desiree Ruth Hoffman, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

[@LeahLewis-ny9iu]

That's incredible! How can I connect with the person who helps you with investments, if you don't mind sharing? I could use some guidance at the moment.

[@AshleyKeith-vw7ws]

Desiree Ruth Hoffman is the licensed advisor I use. Just research the name. You’ll find necessary details to work with her correspondence to set up an appointment.

[@LeahLewis-ny9iu]

Thank you for this pointer. It was easy to find your advisor; she seems very proficient and flexible. I booked a call session with her.

[@garrettkelly5568]

Great time to buy Sofi .. will definitely increase over the coming years

[@Inexpugnable007]

Awesome. Will purchase some shares. Love to see the mgmt. level of experience, with a proven track record of success. Next 5 years, SOFI will be a banger of a stock.

[@kylepatterson4793]

She had a hit piece in mind.. noto just killed that report yesterday

[@johnhill2927]

Bro is smooth 😂 well done. 🎉

[@LoriRish-]

The Fed's talk of interest rate cut leaves me pondering what stocks to buy now and when do I sell? I'm unsure how to properly allocate my money to achieve an optimal portfolio in this present economy, my goal is $3m for retirement.

[@Scarborough-c26]

navigating market volatility can be challenging, it might be beneficial consulting with an advisor to provide personalized insights based on your specific situation and financial position

[@CaroLewis-j8k]

True, I always emphasize the significance of having an advisor. This has kept me afloat since the covid-19 outbreak and as of today, I'm just about 10% shy of my first million dollar after subsequent investments.

[@Woodstev-]

@@CaroLewis-j8k nice one! who is the professional that guides you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow

[@CaroLewis-j8k]

Katherine Nance Dietz is the licensed FA I use. Just google the name. You’d find necessary details to work with and set up an appointment. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@WEEKENDISHERE0]

insightful comments, curiously searched Katherine Nance Dietz on the web and at once found her page, no bs! she seems impeccable..

[@cowpokecale9456]

Great talk!

[@user-nd3fp5fl8n]

Unlike most financial institutions, SOFI generates rapid growth and reinvests in its business. They have spent money acquiring customers who will generate profits for years. They present the customer with personal loan alternatives in a way others do not. They clearly focus on technology while not trying to serve too many customer segments. Noto himself also has tremendous personal attributes. Take a look at his biography.

[@TicketStud]

What personal loan alternatives does Sofi offer that others do not?

[@ChristianDelgado-pq5sr]

This is Amazon in 99 Strong strong business Also institutional investors have been Heavy Buying with 13-f filing this whole year Big money understands this stock price is meant for them to load up

[@Tendomcgoobin]

Delusional

[@van2810]

Sofi is a bank... it will not grow like Amazon

[@jw_adventures]

@@Tendomcgoobin what part? institutional ownership is at all time high, this is one of the most diverse or is the most diverse banks that I know of. NO brick and morter, 50% of revenue coming from services not lending related the company is performing fantastic.

[@user-xr4bm5qh1l]

Wrong-and Joe Biden doesn't have dementia 😂😅

[@user-nc5oi4wq7m]

Anthony Noto seems confident and brought me confidence back into SoFi!

[@paymansharifi2445]

I am way heavily allocated into sofi And when it dropped to 6.20 i sold several other positions and bougbt 500 more at 6.19 My goal is another 4k shares but if sofi goes up im fine with what i have too.

[@Brennan-34]

He knows which political side is coming out on top

[@lamf1617]

which, the one with the guy who's a 34X felon who's been convicted of corporate fraud and gone bankrupt numerous times?

[@SpotTheOdd123]

@@lamf1617 Nope...He's talking about the guy with the best mugshot ever.

[@KHasan-de6yq]

The first question was about economy and most of the time he took to explain how well his company is doing

[@benofhumble]

🎉love it

[@crispyduck1706]

That’s good we now now how his company has adapted to the changing economy - great job by the CEO

[@crispyduck1706]

I’m adding more of this really like the CEO he oozes confidence and is very credible with his strategies

[@DrewPBalls69]

SoFi is great

[@whatsonmymind9]

Come on NOTO. you can do this.

[@maikelhulsker6315]

Cool Shoes ! Which model and brand is that?

[@logikalx]

Even Noto hates SOFI stock, but he still buys it

[@Galaxy9026]

Sofi great company and this market fives great opertunity stock

[@IsaacCoverstone]

SOFI $20 EOY with rate cuts.

[@jamesbaum9775]

No way it is getting there that quickly but if it does I'll be a very happy man.

[@chartedtravel1776]

No cuts. Listen to Powell

[@oel123-f5t]

powel will be fired

[@TortugaDeRio]

It's going there don't listen to the uneducated sofi 🤟

[@thepixalking6589]

Let's be happy at a stable $10 eoy.

[@dingalingdingdong_123]

LFG!

[@roberttaylor662]

Fed drops rates, we will see a massive depression. Inflation will skyrocket. Lets hope for a good news , how can one diversify $80k portfolio in this current state of the market.

[@Andreallln]

Investing appropriately today can save you a whole lot of stress in the near future, so anyone who is not investing now is missing a great Opportunity

[@dogmom-pt5we]

Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor. I've achieved over 75% capital growth this year, excluding dividends.

[@purplebliss6875]

Wonderful!!! I've recently sold property and aim to invest proceeds in stocks, I'm seeking guidance. How can I reach them?

[@dogmom-pt5we]

I've worked with a few different financial advisors, but I ultimately chose ''Melissa Marie Colby'' because she seems to be very thorough and knowledgeable about the financial market, and yes I do make more.

[@purplebliss6875]

Thank you for sharing, I must say, Melissa appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.

[@ChristianDelgado-pq5sr]

Also… sofi made the 1 billion dollar Galileo purchase last year. People don’t understand how big of a deal this is. Just like Amazon owns the rights to AWS and every company who uses it owes them a license fee. Sofi now holds the rights to the AWS of banking

[@PlasticPellets]

no

[@kellywalker4494]

This is nonsense. Sounds like marketing hype. There is no AWS of banking, this is a misconception.

[@TicketStud]

Someone's drinking the kool-aid lol

[@diegog1291]

Been holding off because I have been putting all my investment money into Tesla but with this large run in Tesla it's time to start putting some into SoFi.

[@joaquimcevallosmorales8944]

It's all about risk management, I am -22%, small position. Let's see how the story evolves

[@andrewde78]

5,700 shares and counting

[@PlasticPellets]

his ankles bother me

[@dollarbill9073]

WTF?

[@careswho777]

me too mate, i think this will drive the stock down at some point...

[@-TheOracle-]

I totally agree! He looks like his ancles are swollen with gout Gout GOUT! Oh gawd is it gout?

[@SR-vq8kn]

No CEO should EVER be in public with exposed ankles! Especially during an interview on live television! I am appalled!

[@Noodles8ify]

I don’t know that Noto served as an army ranger and held the rank of first lieutenant.

[@anthonyskorupski]

@Noodles8ify he's done a lot more then that, go do some research and get some money in the market before its to late!

[@Noodles8ify]

@@anthonyskorupski will do 🫡

[@drewyoung2102]

Great talk! Financial services make up 0.41% of S&P100 though in a narrowing market. Do not ignore fickle trends short term.

[@straightdrive6192]

everybody is doing just fine. relax.

[@alb.1911]

👏🏻👏🏻👏🏻

[@momagdy8469]

Great interview, more bullish than ever.

[@robertoc.j.5563]

👍

[@pbhakta80]

SOFI IS GOING TO BEAT ON Q2

[@syedshah7510]

Democrats may sell SOFI now out of anger from Noto’s Republican comments 😂

[@ericmodernel9205]

Good the dems are garbage we don’t need them. Dead beats want free college off the tax payer

[@trunkmonkey355]

Hopefully, you're right. Dems have a track record of making poor choices.

[@clausbohm9807]

yeh, I will ignore that statement he made and look at his record on banking! I guess he forgot that Bill Clinton balanced the US gov Budget! or that Obama got us out of a banking tailspin given to us by Bush! he is a smart guy but stupid on politics ... just like Elon.

[@jamesbaum9775]

You could see the reporter's heart sank a bit on those comments. 🤣

[@clausbohm9807]

Got shadow banned on my factual and candid comments about Clinton and Obamas great handling of the economy ... thank you YT for censoring my comments!

[@jayteepodcast]

Sell the NBA and get stock moving Noto time is ticking

[@katielowen]

I heard the rich taste good with barbecue sauce 🤤

[@joshuarobinson6444]

I Just like the stock 🦍🦍

[@Agent77X]

It is better for Sofi to be loosing money, stock price was higher! Sofi all time high is around $24.65!😂

[@fernandomercado4557]

Sofi gonna be in 40s very soon

[@DjSuperK]

Someone should ask him the hard questions. Like why did they remove delinquency’s from where they use to be? 😂😂 they hid them in their report. They made it hard to find. It use to be like on the front page. 😂😂😂😂

[@er22ick]

The only CEO that buys his own stock.

[@253332]

We make 4.60 apr on savings.. brick and mortar cant touch that.

[@willbergjames]

please pump up the stock

[@cleanair1183]

Look for SOFI to move through its 52 week high of $11.70.

[@OnFireFinance]

The bots in this comment section are unreal lol. No reason for people to be praising Noto like this. Zero.

[@warrenlowe676]

TRUMP 2024

[@rooner1231]

He seems like a pretty down the middle kind of guy who's focused on his business. I don't see anything untoward that he saying.

[@alexgarcia6267]

There is no reason for rates to come down at all

[@kennethsomers3893]

does not matter the Price of the Real Estate Market is in a Bubble and there is nothing the FED can do about it __ this is the direct result of pumping Trillions into the Economy with years or Zero Interest Rates __ the Institutional Real Estate Investors were given free money and bought blocks of Real Estate and pumped up the prices this is called GREED

[@Dave-cf4vd]

@@kennethsomers3893 We just imported 8 million new citizens, not including the 5m who came legally... and you think real-estate is in a bubble? Nope. The more you "keep waiting for that big re-adjustment" the harder it will be for you to ever own anything. Look at Canada: 80% of the land is empty, and yet housing prices are worse than in the US. Why? Rampant LIBERAL immigration policies.

[@TicketStud]

Jerome powell just said yesterday he's seeing cracks in the labor market due to rates being too high for too long. High rates can cause a recession. Huge reason to cut a little now just to be safe.

[@alexgarcia6267]

@@TicketStud it won’t help. Prices will be so high to where people will give up.

[@TehDeeBjorn]

The stock sucks..don’t forget the shelf stock offering..dilution in waiting. Sell the company to JP or BA

[@michaelkitchens6022]

Short term...ok. Long term sitting sooooo pretty. Noto gets paid huge bonus' based on stock prices. He has it positioned to rocket as institutions are jumping in now.

[@justinmalabanan8298]

I don’t think there will be any rate cuts this year

[@tamages]

He should not take side with politics…😰

[@ericmodernel9205]

Let me guess your a stupid Biden voter

[@IvyLeagueRedneck]

Jordan said it best when someone was trying to push him politically. " Republicans buy sneakers to"

[@danielstellwag3081]

I would expect him to take this political stance since the current administration is trying to do everything they can to cancel student loans.

[@lamf1617]

just lost my taste for the company, and i'm a large shareholder.

[@jw_adventures]

@@lamf1617 well... large is relative term. No way its that large tho if your that emotional that noto just called himself a liberal that is fiscally conservative . Becasue bad policy would be hitting your pokcet too if you had that much of a position.

[@tosch9496]

Noto...you should get whales on board. Start increasing the institutional investors. There are still 600 million shares left for manipulating the stock for many years in a negative way. You must fix this issue

[@kellywalker4494]

Noto has good EQ and says all the right things. However, the stock has been an absolute disaster. I still don’t see any innovation from SoFI.

[@AmirA-bx5zr]

SoFi has the worst CTO I have seen, no innovation or features improvement for three years. This is a huge red flag

[@minimechicago]

Sofi is dead money.

[@colbybrady2187]

SoFi filed lawsuits against debt relief. I was about to switch some of my accounts to them before I read that news. Screw SoFi.

[@jw_adventures]

no one should pay for yours mine or anyone elses education. If somoene wants to blow 100k on a liberal arts degree while they find themselfes thats great - but you need to pay it back on your own.

[@colbybrady2187]

@@jw_adventures, you assume too much in your ignorance.

[@jw_adventures]

@@colbybrady2187 zero assumptions, those were opinions.... and now ill add in a fact. Goverment is not our daddy.

[@colbybrady2187]

@@jw_adventures, $100K debt in liberal arts? Pure erroneous assumption fueling an ignorant opinion. A minor $10K bit of student loan relief payback to citizenry that have invested in themselves, and our nation’s educated future, is a drop in the bucket compared to the 2008 bank bailouts, or the wildly abused PPP absurdities, neither of which critics of student debt relief are concerned with. $10K is a minor dent in what an education costs these days, or even what it cost 10-20 years ago. Regardless, the relief forgave a small slice of the debt for many with STEM and other critical degrees for our country’s well being, and the fact remains, screw SoFi.

[@user-xr4bm5qh1l]

For a company that went public over 3 years ago at $21 a share, its now almost at $5. Even Biden mighbt be able to run this company better than this clown. You are judged by how well your stock price is as a CEO.

[@theteacher2000]

SOFI $10 EOY with rate cuts and $8 without cuts. I am bullish on SOFI but to think this will hit $20 (as someone said) is sadly wishful thinking.

[@IvyLeagueRedneck]

I look at it in terms of market cap and is SOFI an 20B market cap company. Its not from a traditional evaluation perspective. but the market is not rational. Hood is a 20b company with fewer products and no bank charter than sofi. But a little more profitable currently. IMHO Hood is overvalued, and SOFI is under. both should probably be in the 10-15 b market cap range. So yeah, i am more in line with your $10 EOY range as well but there is always hope for an irrational run like HOOD. I hope they continue to hit and exceed guidance; we see $10+ by EOY, 15+ by EOY 2025 and 25+ by mid 2026 for noto to hit his bonus. Time will tell.

[@user-xr4bm5qh1l]

EOY maybe $7.50

[@IvyLeagueRedneck]

@@user-xr4bm5qh1l certainly possible. With this stock it could hit $12 this year and still end the year at $7.50. It was $11 not that many months ago. For me I have my position baked. I will reassess mid 2026 hoping they hit the min price target of $25. until then I am an investor, not a trader. I like the company; I use them and believe in their approach over traditional banks. And i am in my late 50's who left WF after 30 yrs. The model makes sense.

[@WalterWhite84762]

Sell your SoFi stock. Americans do not want another trump presidency and we definitely do not want services and products from a trump supporter. Cancel your SoFi account

[@AHouse181]

Wants to help people get their money right, but votes for trump? Lmao, guess he really wants to get his own money right

[@Dave-cf4vd]

Are you oblivious to economic reality? The economy was terrible under Obama, great under Trump, and terrible under Biden. It is as simple as: Ds focus on globalist trade deals, high immigration and high taxes. Not good for business or you, but great for campaign donations from megacorps.

[@rtorcato]

So he's a trump supporter. I will be selling my Sofi stock

[@jw_adventures]

haha all he said he was liberal and has left views but fiscally conservative and a republican is better for his business... that is all. She asked him about financial policy only nothing else and he was truthfull..

[@andreww5574]

I'm a buyer at $4

[@higiniomorales459]

Good luck with that.

[@Maxrotor1]

Weak CEO working for a predatory company.

[@anthonyskorupski]

@Maxrotor1 as you make minimum wage typing your comment from a laptop lol... all you trolls are going to watch this stock soar!!

[@qqss332]

Stock ain't going anywhere with Liz Young as the head of investment strategy 🤣🤣

[@syedshah7510]

She is a joke!

[@jodame3925]

horrible CEO and the company will be the last for me to check, they dont care about people lives being better! only the bottom line and the bots in the comments knows that

[@GARP-Investor]

Haters gonna hate 😂

[@seazestyt]

@@GARP-Investor One could not get better CEO . The fact the stock is trading that low has to do with a number of other things rather than fundamentals.

[@Dave-cf4vd]

Correct: the CEO's job is to worry about the bottom line, and not how many 2-spirits they hired.

[@TicketStud]

​@@seazestythe has no prior experience being a CEO. His last position was running Twitter into the ground. Absolutely zero fintech background. There are literally thousands of better options.