Vlad Tenev Explained

Vladimir Tenev
Birth Date:13 February 1987
Birth Place:Varna, Bulgaria
Nationality:American, Bulgarian
Education:Stanford (BA)
UCLA (dropped out)
Occupation:Entrepreneur
Known For:Co-founder, Robinhood
Children:1

Vladimir Tenev (; born 13 February 1987) is a Bulgarian-American entrepreneur who is the co-founder (with Baiju Bhatt) and CEO of Robinhood, a US-based financial technology services company.

Early life

Tenev was born in Bulgaria, and his parents migrated to the U.S. when he was five.[1] His parents both worked for the World Bank.[2] He attended Thomas Jefferson High School for Science and Technology[3] in Fairfax County, Virginia.

He earned a degree in mathematics from Stanford University, where he met Baiju Bhatt. He studied for a mathematics PhD at UCLA, but dropped out to work with Bhatt.[2] [4]

Career

In 2010, Tenev and Bhatt started a high-frequency trading software company called Celeris. By January 2011 they abandoned it to create Chronos Research, which sold low-latency software to other trading firms and banks.[5]

In 2013, Tenev and Bhatt co-founded the trading platform Robinhood.[6] In 2015, Robinhood launched its mobile app to the public.[7] Following a funding round in May 2018 which increased Robinhood's valuation to $6 billion, Tenev and Bhatt became billionaires.[6] [8]

In November 2020, Tenev became the sole CEO of Robinhood, having previously shared the co-CEO title with Bhatt.[9]

In July 2021, Robinhood went public via an initial public offering at a $32 billion valuation.[10]

GameStop short squeeze

Tenev defended Robinhood's decision to prevent users from buying stock or options in a variety of securities, notably GameStop, during the GameStop short squeeze;[11] [12] [13] the decision had sparked widespread criticism from users of the app as well as politicians in both major American parties.[14]

On January 28, 2021, Robinhood was among a number of brokerages that halted users from buying stock or options in GameStop and the other heavily shorted-securities.[15]

On February 18, 2021, Tenev testified before the United States House Committee on Financial Services regarding Robinhood's role during the GameStop short squeeze.[16] [17] Tenev came under criticism from members of both parties and was criticized for struggling to provide answers to a number of questions.[18] [19] [20]

His testimony explained that Robinhood’s decision to halt securities was driven by a need to meet federal clearinghouse deposit requirements, and refuted a number of theories that accused Robinhood of colluding with hedge funds during the squeeze.[21]

In its July 2021 Form S-1 filing with the SEC, Robinhood disclosed that the US Attorney's Office had executed a search warrant for Tenev's cell phone as part of a probe into the GameStop short squeeze.[22] [23] [24]

Other activities

Tenev co-founded Palo Alto-based artificial intelligence startup Harmonic in 2023, where he is the executive chairman.[25] [26]

Awards

!Year!Awards!Category!Result!Ref.
2016Forbes 30 Under 30Young Traders[27]
2022Forbes 30 Under 30 Hall of Fame[28]

Other awards

He was invited to be the keynote speaker at UCLA's 2019 Math Commencement Ceremony.[29]

Personal life

Tenev is married to Celina A. Tenev, notably a co-founder of an emergency health service, Call9.[30] They have one daughter.[31]

In popular culture

Tenev is portrayed by Sebastian Stan in the 2023 film Dumb Money, a drama about the GameStop short squeeze.[32]

Notes and References

  1. Web site: The founders of Robinhood, a no-fee stock-trading app, were initially rejected by 75 venture capitalists — now their startup is worth $1.3 billion. 23 July 2018.
  2. Web site: Vlad Tenev, 28. Forbes. 23 July 2018.
  3. Web site: Thomas Jefferson HS. Thomas Jefferson HS. Twitter.
  4. Web site: Startup Insider: The Story Behind Stock Trading App Robinhood and Its One Million-Person Waitlist. David. Ongchoco. . 12 August 2015. 23 July 2018.
  5. Web site: Win the Stock Market with Crowd Sourced Advice from New App Robinhood. 18 April 2013 .
  6. News: Robinhood Founders Are Billionaires in Silicon Valley Minute. . 11 May 2018 . 23 July 2018.
  7. Web site: Online Brokerage Robinhood Will Offer Bitcoin And Ethereum Trading In February . Forbes. 25 January 2018.
  8. Web site: Meet the 11 new tech billionaires that emerged in 2018. 23 July 2018.
  9. Web site: This app completely disrupted the trading industry . CNN. 13 December 2019.
  10. Web site: Robinhood valued at $32 billion after selling shares in IPO at $38 per share. CNBC. 28 July 2021.
  11. News: 2021-01-29. Robinhood CEO says limited trade to protect firm and customers. en. Reuters. 2021-01-29.
  12. Web site: 2021-01-29. Robinhood CEO Vlad Tenev speaks out on decision to restrict trading on GameStop and other stocks. 2021-01-29. CNBC. en.
  13. News: 2021-01-29. Robinhood CEO Says Trading Limits Will Protect Firm, Customers. en. Bloomberg.com. 2021-01-29.
  14. Web site: 2021-01-28. Robinhood founder Vlad Tenev says app blocked GameStop buys to "protect investors". 2021-01-29. Newsweek. en.
  15. Web site: 2021-01-28. Robinhood restricts trading in GameStop, other names involved in frenzy. CNBC. en.
  16. News: Popper . Nathaniel . Grilled in the hearing, Robinhood's chief apologizes for limiting GameStop trades. . The New York Times . 18 February 2021 . February 18, 2021.
  17. Web site: Collins . Eliza . Who Are Keith Gill and Other Key Players at the GameStop Hearing? . The Wall Street Journal . February 18, 2021 . February 18, 2021.
  18. News: Popper. Nathaniel. Phillips. Matt. 2021-02-18. In GameStop Saga, Robinhood Is Cast as the Villain. en-US. The New York Times. 2021-02-19. 0362-4331.
  19. Web site: Under fire, Robinhood CEO apologizes to Congress for restricting trading. 2021-02-19. NBC News. 18 February 2021 . en.
  20. News: Sorkin. Andrew Ross. Karaian. Jason. Merced. Michael J. de la. Hirsch. Lauren. Livni. Ephrat. 2021-02-19. 'Something Very Wrong Happened Here'. en-US. The New York Times. 2021-02-19. 0362-4331.
  21. Web site: 2021-02-18. GameStop hearing: Robinhood founder defends halt to trading. TheGuardian. en.
  22. Web site: Kay. Grace. Robinhood's IPO filing reveals the US Attorney's Office executed a search warrant for CEO Vlad Tenev's cell phone. 2021-07-05. Business Insider. en-US.
  23. Web site: Sigalos. MacKenzie. 2021-07-01. Feds seized Robinhood CEO's phone as part of GameStop trading probe. 2021-07-05. CNBC. en.
  24. Web site: Westbrook. Jesse. July 1, 2021. Robinhood Says U.S. Demanded Access to CEO Tenev's Phone Records. Bloomberg.
  25. Web site: Victor . John . August 8, 2024 . Sequoia Capital Has Discussed Funding AI Reasoning Startup Cofounded by Robinhood CEO . The Information . subscription.
  26. Web site: Fried . Ina . June 10, 2024 . Exclusive: Robinhood CEO backs startup to boost AI's math skills . Axios.
  27. Web site: Vardi. Nathan. 30 Under 30 Finance: The Top Young Traders, Bankers And Dealmakers. 2021-07-12. Forbes. en.
  28. Web site: Vlad Tenev. Forbes. 28 March 2022.
  29. News: 2019 Math Commencement Keynote Speaker: Vladimir Tenev . 7 April 2020 . UCLA.
  30. Web site: 2019-05-15 . Call9: Modernizing Emergency Care . 2022-03-23 . Center for Health Technology Hunter College . en-US.
  31. Web site: Garcia . Ahiza . 2017-09-08 . Robinhood co-founders want everyone in the stock market . 2022-03-23 . CNNMoney.
  32. Web site: 2023-06-21 . 'Dumb Money' First Look: The GameStop Stock Frenzy Is Now a Movie . 2023-10-18 . Vanity Fair . en-US.

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