Robinhood co-founders Vlad Tenev and Baiju Bhatt are no longer billionaires forbes‘ calculations as shares in their popular stock trading app have continued to fall in recent months, and have now lost half of their value since the company went public last year.
Robinhood’s stock is down nearly 20% so far in 2022 — to less than $14 a share — and continues the downtrend as the company continues to struggle.
Robinhood’s stock has lost more than half of its value since its IPO last year, down over 60% from its July 2021 IPO price of $38 per share.
The falling stocks mean co-founders Vlad Tenev and Baiju Bhatt are no longer billionaires forbes‘ estimates.
Based on Robinhood’s closing price of $13.89 per share on Wednesday, Tenev and Bhatt now have net worth of $845 million and $911 million, respectively, from a high of $4.3 billion and $4.9 billion in August 2021.
Robinhood declined to comment on the news when contacted by forbes.
Tenev and Bhatt still have an incentive-laden Restricted Stock Award Plan that could net them billions in the years to come if the company’s stock price hits certain milestones, according to SEC filings.