According to Forbes calculations, the co-owners of the popular stock trading app are no longer billionaires, as their shares have lost half their value since the company went public last year.
Since the company's IPO last summer, the shares have lost half their value.
Mark Lennihan is an Associated Press photographer.
The company continues to struggle as the shares of the company have fallen to less than 14 per share.
Since going public last year, the stock of the company has lost more than half of its value.
According to Forbes, the sinking shares mean that the Tenevs are no longer billionaires.
From a peak of $4.3 billion and $4.9 billion in August 2021, Tenev and Bhatt now have net worths of $845 million and $911 million, respectively, based on the closing stock price of $13.89 per share on Wednesday.
When contacted by Forbes, Robinhood refused to comment on the news.
If the company's stock price hits certain milestones, Tenev and Bhatt could earn billions of dollars in restricted stock awards.
In July 2021, the company went public at a $32 billion valuation. While the stock closed down 8% from the IPO price of $38 a share on its first day of trading, the public offering made its two founders a fortune, boosting their net worths to more than $2 billion each. The pair became billionaires in September 2020 after a private funding round valued at $11.7 billion.
That is the total number of user accounts on the platform.
What to watch for.
The fourth quarter and full year results will be announced on January 27. The company's shares fell 10% after third-quarter earnings missed expectations. In its last earnings report, Robinhood saw its revenue fall from $565 million in the second quarter to $365 million due to a decline in revenue from its platform. When a wild rally in meme stocks like GameStop and cryptocurrencies like Dogecoin helped spur massive growth for Robinhood, the company's trading activity has substantially settled down. In October, the company warned that lower retail trading activity could affect fourth-quarter earnings.
After a decline in trading, shares of Robinhood plunge.
After earnings selloff, Ark Invest buys $80 million worth of Robinhood.
Forbes reported that the fortune of the co-founders of the company nearly doubled in two days.
Each co founder is now worth billions.
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