Robinhood Duo Ride Trading Frenzy to Billionaire Riches
- Vlad Tenev, Baiju Bhatt helped usher in era of no-fee trading
- Tenev worth $2.2 billion after IPO, Bhatt is at $2.5 billion
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Vlad Tenev and Baiju Bhatt, the Robinhood Markets Inc. co-founders who drew a generation of young people into investing on their phones, are officially billionaires.
Robinhood’s stock closed at $34.82 Thursday in its first day of trading in New York, down 8.4% from its initial public offering price of $38. That put the net worth of Tenev, the company’s chief executive officer, at $2.2 billion, according to the Bloomberg Billionaires Index. Bhatt, who shared the CEO duties until last year, is worth $2.5 billion.