Robinhood's CEO Vlad Tenev could see his net worth more than double after the popular no-fee trading app goes public in the near future.
According to CNBC, Robinhood is aiming for a market value of up to $35 billion USD in its upcoming IPO. According to an SEC filing, the American-Bulgarian businessman will have a net worth of over $2.5 billion USD when the company begins trading -- a 150 percent increase of his current fortune of $1 billion USD, according to Forbes.
The filing adds that Tenev and his co-founder Baiju Bhatt will each sell shares worth about $50 million USD, according to CNBC, and both of them will each have stock worth between $2.5 billion USD and $2.8 billion USD. They will also own about two-thirds of the voting shares, ensuring their leadership positions at the company remain strong.
Robinhood filed the paperwork necessary to go public with the U.S. Securities and Exchange Commission earlier this month, revealing a number of key legal proceedings and financial figures.
For the year that ended December 31, 2020, Robinhood reported revenue of $959 million USD, a 245 percent growth from the year prior. In the same period, the company recorded a net income of $7 million USD.
But the company also reported a net loss of $1.4 billion USD over the last three months, ending March 31 — attributed to unprecedented market volatility and emergency funding required earlier this year after it restricted trading of certain stocks, including GameStop, due to increased regulatory deposit requirements.
Robinhood will trade under the symbol “HOOD” on the Nasdaq. According to The Wall Street Journal, shares are set to start trading late next week.
In other news, Soho House is seeking a $3.2 billion USD valuation ahead of its IPO.
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