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.

$HOOD CEO SOLD HIS SHARES – NOW HE HAS ZERO. Vladimir Tenev unloaded 375,000 shares at $113.72. 0 Class A shares remaining. Form 4 filed Oct. 7 Transaction date: Oct. 5 $42.6M is significant. Insiders can have many reasons to sell, but going from 375,000 to ZERO is certainly… pic.twitter.com/cRl9cSBRUN

— Spy Before You Buy (@Spybef0rey0ubuy) October 8, 2026

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.

Public company insider sells outweighed buys 10-to-1 in August

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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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