Robinhood's Co-Founder Baiju Bhatt Steps Down, CEO Commends His Role In Company's Evolution 'From A Seed Of An Idea To The Global Public Company'

Zinger Key Points
  • Robinhood co-founder Baiju Bhatt steps down from executive role after a decade, but remains on the board.
  • Total funded customers grow to 23.6 million, with net deposits hitting $3.6 billion in February, marking steady growth for Robinhood.

Robinhood Markets, Inc. HOOD said its co-founder and Chief Creative Officer, Baiju Bhatt, will step down from the executive role after over ten years in leadership to pursue other entrepreneurial interests.

However, Bhatt will remain a member of Robinhood’s Board of Directors.

“Baiju and I have been co-founders for over 10 years and friends for over 20,” said Vlad Tenev, CEO and Co-Founder of Robinhood. 

Last week, Robinhood said total funded customers grew to 23.6 million at the end of February, up approximately 130,000 from January.

Net deposits were $3.6 billion last month. The company had total assets under custody of $118.7 billion as of the end of February, up 16% from January.

Robinhood noted that net deposits totaled $21.6 billion over the last 12 months.

“I am grateful for all of his contributions to Robinhood over the last decade,” Tenev said.

“His passion for entrepreneurship and commitment to our mission to democratize finance for all helped build Robinhood from a seed of an idea to the global public company it is today,” he added. 

HOOD stock has gained over 113.77% in the past year. Investors can gain exposure to the stock via First Trust Mid Cap Core AlphaDEX Fund FNX and First Trust Mid Cap Growth AlphaDEX Fund FNY.

Price Action: HOOD shares are trading lower by 1.26% to $18.85 premarket on the last check Friday.

Photo via Shutterstock

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