Vlad (Vladimir) Tenev is an entrepreneur and famous for co-founding the financial services company Robinhood. Tenev and co-founder Baiju Bhatt became billionaires after receiving $6 billion funding in 2018 for Robinhood. Vlad Tenev has a net worth of $1 billion.
Vlad Tenev was born in Bulgaria between 1986-1987 and migrated to the United States when he was just five years old. He grew up in Washington, D.C., while his parents worked for the World Bank. While earning a degree in Mathematics at Stanford University, he met his co-founder, Baiju Bhatt.
Later, while studying for a mathematics PhD at UCLA, he decided to drop out and work with Bhatt on developing low-latency trading software. In 2013, Tenev and Bhatt co-founded the trading financial platform, Robinhood.
Baiju Bhatt Net Worth: How Rich is the Robinhood Co-Founder?
Vlad Tenev Net Worth Affected By GameStop Scandal?
On January 28, 2021, Vlad Tenev and Robinhood blocked GameStop buy orders to ‘Protect Investors’ from the volatility that powered GameStop’s stock ($GME) to all-time highs. A short-squeeze event occurred on the stock where wealthy investors and hedge funds were in short positions against GameStop.
As of January 29, 2021 – according to this article, an estimated $70 billion was lost in these short positions.
Tenev and Robinhood received criticisms across the internet for their actions on the platform. Retail investors were not allowed to buy $GME stock and only had the option of selling it, which appears to be in favor of allowing wealthy investors and hedge funds exit their positions.
For the first time in recent years, opposing political parties have united against this:
— Dave Portnoy (@stoolpresidente) January 28, 2021
Robinhood is expected to go through with its IPO this year, depending on the outcome, this could exponentially skyrocket Vlad Tenev’s net worth. This transparent event has brought forth a lot of questions surrounding Robinhood and its affiliation with many financial institutions such as Citadel, Point 72, and Melvin Capital. Is Robinhood truly for the people?
Citadel is an investor in Melvin Capital, which got run over by Wall Street Bets. Citadel is also Robinhood’s biggest customer. ?
— Tyler Winklevoss (@tyler) January 28, 2021