Robinhood CEO Vlad Tenev sold his Class A stock to zero… again

Robinhood CEO Vladimir Tenev has sold every share of his Class A stock to zero — the sixth time this year. However, he doesn’t receive regular awards of new Class A stock as executive compensation.

How’s this possible?

A post from October 8, which earned over 200,000 views, framed his latest sell-out as a founder bailing on a $96 billion company. However, Community Notes contributors noted that’s the same zero he’s produced five times already in 2026.

The relevant filing, made with the SEC on October 7, covers his sale dated October 5. When Tenev sold 375,000 Class A shares for roughly $42.6 million, his directly held Class A position after that sale correctly read zero.

Robinhood’s Class A and B

A footnote on that filing explains that Tenev “sold 375,000 shares of his Class B common stock, resulting in an automatic conversion of the shares into Class A common stock upon execution of the sale” under a Rule 10b5-1 trading plan adopted September 5, 2025. 

In other words, Robinhood converts Tenev’s Class B shares, with 10 votes each, into single-vote Class A shares the moment they’re sold.

Although it’s true that Tenev has zero Class A shares remaining after his sale, he still owns 47,419,572 Class B shares, plus a small Class A position of 6,907 shares in a living trust that aren’t considered directly held. 

At the October 9 market close near $109 per share, that stake is worth roughly $5.2 billion and enjoys more than 474 million votes. 

Robinhood’s own 10-K, filed with the SEC, describes founders’ voting control plainly.

Founders and “founder affiliates” hold 100% of the outstanding Class B super-voting common stock, giving Tenev and co-founder Baiju Bhatt control of more than half the voting power of Robinhood.

Read more: Nvidia director Mark Stevens sold a record $411M of stock

Tenev sold to ‘zero’ six times in 2026

Each sale by Tenev to “zero” directly held shares of Class A followed the same Class B conversion-and-sell structure, under the same pre-disclosed plan.

Each liquidation left his directly held Class A line at zero while retaining his multi-billion dollar position in the company.

• By January 5, Tenev had sold 375,000 Class B shares that became 375,000 Class A shares. The Class A shares sold for about $45.6 million. Class B holdings after: 49,044,572.
• By April 6, Tenev had sold 375,000 Class B shares that became 375,000 Class A shares. The Class A shares sold for about $26.2 million. Class B holdings after: 48,669,572.
• By July 6, Tenev had sold 375,000 Class B shares that became 375,000 Class A shares. The Class A shares sold for about $43.6 million. Class B holdings after: 48,294,572.
• By September 21, Tenev had sold 259,166 Class B shares that became 259,166 Class A shares. The Class A shares sold for about $32.5 million. Class B holdings after: 48,035,406.
• By September 22, Tenev had sold 240,834 Class B shares that became 240,834 Class A shares. The Class A shares sold for about $30.2 million. Class B after: 47,794,572.
• By October 5, Tenev had sold another 375,000 Class B shares that became 375,000 Class A shares. The Class A shares sold for about $42.6 million. Class B holdings after: 47,419,572.

Across 2026, Tenev has sold approximately 2 million Class B shares via Class A conversions for roughly $220 million — about 4% of his Class B stake.

The sales stripped roughly 20 million votes from his direct holdings, yet his majority voting control alongside his co-founder remains controlling.

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