The Legacy of Dumb Money: Where Are Tenev and Bhatt Now?
Dumb Money, the comedic portrayal of the 2021 GameStop short squeeze, shed light on the roles played by Vlad Tenev and Baiju Bhatt, co-founders of Robinhood. But what became of these influential figures after the events of the movie? Let's take a look at where Tenev and Bhatt stand today.
The Aftermath of Dumb Money
Dumb Money, a satirical take on the 2021 GameStop saga, depicted the involvement of Vlad Tenev and Baiju Bhatt, co-founders of Robinhood, in the infamous short squeeze. However, the movie left us curious about the whereabouts of these pivotal characters in the real world. Where did the winds of fate carry Tenev and Bhatt following the tumultuous events of Dumb Money?
Sebastian Stan sits behind a computer in Dumb Money
The release of Dumb Money on Netflix in January 2024 prompted an evaluation of Vlad Tenev's financial standing. Forbes reported a significant decline in Tenev's net worth, from a peak of approximately $4.3 billion in August 2021 to $16.9 million in January 2024, as per Wallmine. This staggering loss of approximately $4.28 billion in wealth and assets is indicative of the profound impact of the GameStop short squeeze on Tenev's financial status.
Baiju Bhatt and Vlad Tenev stand back to back in Dumb Money.
Similarly, Baiju Bhatt, the co-founder of Robinhood, experienced a substantial decline in net worth. From an estimated peak net worth of $4.9 billion in August 2021, Bhatt's financial standing dwindled to approximately $16.8 million in January 2024, as reported by Wallmine. This equates to a staggering loss of approximately $4.88 billion within a span of two and a half years, mirroring the financial repercussions of the GameStop saga.
Vlad Tenev sits at a computer in Dumb Money.
The Ongoing Journey of Robinhood
In the wake of the GameStop scandal, Robinhood faced significant repercussions, including regulatory fines and class action settlements. The Financial Industry Regulatory Authority (FINRA) imposed a hefty $57 million in sanctions and $12.6 million in restitution, along with interest, for misleading information and system outages. Furthermore, the class action settlement, amounting to $9.9 million, highlighted concerning business practices that prioritized growth over stability, casting a shadow over the company's reputation.
A TV screen shows Vlad Tenev during the Congressional interview in Dumb Money
Despite the challenges, Robinhood proceeded with its initial public offering (IPO) in July 2021, with a lackluster performance on the opening day. The company's stock price plummeted from $38 to $34 per share, marking one of the poorest opening-day showings among 51 companies that raised similar amounts, according to Observer. The aftermath of the GameStop saga continued to haunt Robinhood, leading to ongoing legal battles and public scrutiny.
A computer screen shows Representative Alexandria Ocasio-Cortez during the Congressional hearing in Dumb Money
In an attempt to salvage its image, Robinhood expanded its user services, offering 24-hour trading and retirement plan options. These strategic moves aimed to portray the company in a more favorable light, signaling a shift towards legitimacy in the aftermath of the 2021 GameStop short squeeze. However, the road to redemption remains fraught with obstacles, evident in the recent settlement with the state of Massachusetts, where Robinhood agreed to pay $7.5 million in resolution of its actions during the GameStop saga.
GameStop store in Dumb Money
