Robinhood co-founder Baiju Bhatt to step down as creative chief

By Ben Glickman

Robinhood Markets co-founder Baiju Bhatt will no longer serve as an executive, marking the departure of one of the creators of the app which helped facilitate a meme-stock craze.

Bhatt has been at or near the helm of Robinhood (HOOD), an online brokerage which offers everyday investors an easy-to-use interface, since its inception in 2013. The company said on Thursday that he would step down from his role as chief creative officer to pursue other entrepreneurial interests.

The Menlo Park, Calif.-based investing platform said Bhatt will remain a member of the board of directors.

Bhatt launched Robinhood with Vlad Tenev in 2013, and served as its co-chief executive until 2020, when he transitioned to chief creative officer.

The two co-founders touted a vision of opening up the financial system to a broader group of retail investors.

The company became the go-to investing platform for millions of people eager to cash in on rising stocks. Robinhood was at the center of the so-called meme stock craze of 2021 for those looking to buy shares of companies such as AMC Entertainment and Gamestop.

Bhatt and Tenev, who is still chief executive of the company, together still control a majority of the voting power of Robinhood stock, according to Robinhood's latest annual report. The two met over two decades ago while classmates at Stanford University.

Bhatt said in a statement he would share more about his next steps soon.

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03-21-24 2004ET

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