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HOODRobinhood Markets, Inc. · Insider ownership research

Robinhood Markets, Inc. insiders sold $620M. How much of their stake is that?

About 2.8% overall. As a group they still hold 98% of their starting shares.

3
purchases by officers and directors
72%
of sales were under disclosed trading plans
10 of 16
officers and directors sold shares
Is this normal? Less than usual: about half of the 4-year average. 10 insiders sold; the average is 6 a year. Year by year
Latest filing: Filed Oct 2 for a vesting from Sep 30 to Oct 1. Meyer Malka had 822 shares vest or be exercised. Filing
Oct 8, 2025 to Oct 7, 2026 · 133 SEC ownership filings · updated Oct 7, 2026 · See the evidence

What stands out

  1. Meyer Malka bought 680K shares for $55.3M, first on May 28, 2026.Purchase, Jun 5, 2026
  2. Baiju Bhatt (5.3% of holdings) sold $171M of stock with no disclosed trading plan. The filings don't state a reason.Largest such sale, Nov 7, 2025

Percentages cover 7 of 16 officers and directors. 9 are left out

i
Left out: Jason Warnick, Daniel Gallagher Jr., Steven Quirk, Shiv Verma and Jeffrey Pinner (most of their shares vested during the period, so a percentage would mislead); Christopher Payne, Susan Segal and John Hegeman (holdings couldn't be fully reconciled); Dara Bazzano (held no vested shares at the start).
Disclosed company stock is not an insider's whole wealth.

The evidence

Who sold10 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Baiju Bhatt
Director
$315M
2.63M shares
5.3%46% under a disclosed plan
Vlad Tenev
Chief Executive Officer, Director
$178M
1.63M shares
3.3%Disclosed plan
Jason Warnick
Chief Financial Officer
$50.5M
425K shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
Disclosed plan
Daniel Gallagher Jr.
Chief Legal Officer
$35.1M
295K shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
Disclosed plan
Steven Quirk
Chief Brokerage Officer
$24.9M
214K shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
Disclosed plan
Jonathan Rubinstein
Director
$5.6M
42K shares
22%Disclosed plan
Jeffrey Pinner
Chief Technology Officer
$5.5M
53K shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
Disclosed plan
Shiv Verma
Chief Financial Officer
$4.2M
45K shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
Disclosed plan
Paula Loop
Director
$1.0M
8.3K shares
12%Disclosed plan
Oluwadara Treseder
Director
$675K
5.6K shares
7.6%Disclosed plan
The full ownership picture13 of 16 insiders fully reconciled · 16 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 7, 2025SoldHeld Oct 7, 2026Still held
Meyer Malka
i
An owner entity could not be identified from the footnotes.
Director
54.22M054.90Mno sales
Vesting, gifts, unvested awards and holding lines for Meyer Malka
+3.2Kshares vested or exercised
0gifted (net of own trusts)
2.4K → 2.5Kunvested awards, start → end
  • An owner entity could not be identified from the footnotes.
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock7,9122,940
Fund II for itself and as nominee for FF IIClass A Common Stock42,357,27642,357,276
Malka Kleiner Revocable TrustClass A Common Stock3,976,2343,976,234
Ribbit Capital II, L.PClass A Common Stock3,276,0343,276,034
Bullfrog Capital, L.PClass A Common Stock3,235,5853,924,427
Aphrodite EM TrustClass A Common Stock421,251421,251
Aphrodite MM TrustClass A Common Stock421,251421,251
Aphrodite SM TrustClass A Common Stock421,251421,251
LLCClass A Common Stock102,183102,183
Tibbir TrustClass A Common Stock11
Vlad Tenev
Chief Executive Officer, Director
49.51M−1.63M47.80M97%
Vesting, gifts, unvested awards and holding lines for Vlad Tenev

Name on SEC filings: Vladimir Tenev (Tenev Vladimir).

0shares vested or exercised
−88Kgifted (net of own trusts)
none reportedunvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock00
Living TrustClass A Common Stock6,9076,907
DirectClass B Common Stock49,507,34247,794,572
Baiju Bhatt
i
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Director
49.43M−2.63M46.81M95%
Vesting, gifts, unvested awards and holding lines for Baiju Bhatt
+3.2Kshares vested or exercised
0gifted (net of own trusts)
11.18M → 11.18Munvested awards, start → end
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock8874,636
Living TrustClass A Common Stock00
Living TrustClass B Common Stock49,430,85246,805,566

Additional holdings last reported Feb 2, 2022, not confirmed since: 4,181,535 shares. Not included in any total or percentage on this page.

Jason Warnick
i
Minor difference of 391 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).
Chief Financial Officer
589K−425K402Knot meaningful
Vesting, gifts, unvested awards and holding lines for Jason Warnick
+307Kshares vested or exercised
−15Kgifted (net of own trusts)
−53Kwithheld by the company for taxes
820K → 688Kunvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock588,691402,370

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
200,000$5.93Dec 14, 2028$24.0M

Estimate: options held × ($126.14 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Reconciliation: minor difference of 391 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Daniel Gallagher Jr.
Chief Legal Officer
566K−295K510Knot meaningful
Vesting, gifts, unvested awards and holding lines for Daniel Gallagher Jr.
+493Kshares vested or exercised
−16Kgifted (net of own trusts)
−237Kwithheld by the company for taxes
3.94M → 3.58Munvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock565,949509,943

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
90,300$10.24Jul 5, 2030$10.5M

Estimate: options held × ($126.14 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Jonathan Rubinstein
Director
189K−42K151K80%
Vesting, gifts, unvested awards and holding lines for Jonathan Rubinstein
+3.2Kshares vested or exercised
0gifted (net of own trusts)
2.4K → 2.5Kunvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock1,0041,155
TrustClass A Common Stock188,104150,133
Robert Zoellick
Director
100K0103Kno sales
Vesting, gifts, unvested awards and holding lines for Robert Zoellick
+3.2Kshares vested or exercised
0gifted (net of own trusts)
2.4K → 2.5Kunvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock99,648102,872
Steven Quirk
Chief Brokerage Officer
94K−214K78Knot meaningful
Vesting, gifts, unvested awards and holding lines for Steven Quirk
+352Kshares vested or exercised
0gifted (net of own trusts)
−154Kwithheld by the company for taxes
1.74M → 1.55Munvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock94,45477,839
Oluwadara Treseder
Director
74K−5.6K71K97%
Vesting, gifts, unvested awards and holding lines for Oluwadara Treseder
+3.2Kshares vested or exercised
0gifted (net of own trusts)
2.4K → 2.5Kunvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock73,79071,389
Paula Loop
Director
70K−8.3K64K93%
Vesting, gifts, unvested awards and holding lines for Paula Loop
+3.2Kshares vested or exercised
0gifted (net of own trusts)
2.4K → 2.5Kunvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock69,60864,496
Shiv Verma
i
Minor difference of 233 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Started reporting during the period; starting holdings are from the Form 3.
Chief Financial Officer
57K−45K57Knot meaningful
Vesting, gifts, unvested awards and holding lines for Shiv Verma
+91Kshares vested or exercised
0gifted (net of own trusts)
−46Kwithheld by the company for taxes
0 → 247Kunvested awards, start → end
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock57,24556,858

Reconciliation: minor difference of 233 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Christopher Payne
!
Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -283 shares on Jun 30, 2026 (Direct). See the filing Sales and other transactions for Christopher Payne are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Christopher Payne
0shares vested or exercised
0gifted (net of own trusts)
11K → 14Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -283 shares on Jun 30, 2026 (Direct). The balances below are as reported, not verified totals.

Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock126221
TrustClass A Common Stock26,50026,500
Jeffrey Pinner
Chief Technology Officer
12K−53K12Knot meaningful
Vesting, gifts, unvested awards and holding lines for Jeffrey Pinner
+108Kshares vested or exercised
0gifted (net of own trusts)
−55Kwithheld by the company for taxes
659K → 649Kunvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock11,95212,171
Susan Segal
!
Holdings couldn't be fully reconciled. Filings report each grant's shares as the balance instead of a running total. See the filing Sales and other transactions for Susan Segal are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for Susan Segal
0shares vested or exercised
0gifted (net of own trusts)
28K → 31Kunvested awards, start → end

Holdings couldn't be fully reconciled. Filings report each grant's shares as the balance instead of a running total. The balances below are as reported, not verified totals.

Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock137216
John Hegeman
!
Holdings couldn't be fully reconciled. Filings report each grant's shares as the balance instead of a running total. See the filing Sales and other transactions for John Hegeman are complete.
Director
n/a0n/an/a
Vesting, gifts, unvested awards and holding lines for John Hegeman
0shares vested or exercised
0gifted (net of own trusts)
9.6K → 13Kunvested awards, start → end

Holdings couldn't be fully reconciled. Filings report each grant's shares as the balance instead of a running total. The balances below are as reported, not verified totals.

Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock102144
Dara Bazzano
Chief Accounting Officer
004.5Kno sales
Vesting, gifts, unvested awards and holding lines for Dara Bazzano
+7Kshares vested or exercised
0gifted (net of own trusts)
−2.5Kwithheld by the company for taxes
0 → 35Kunvested awards, start → end
Held throughShare classOct 7, 2025Oct 7, 2026
DirectClass A Common Stock04,473

13 of 16 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (11 exactly, 2 with a minor or footnoted difference). For 3 we show sales but not holdings; the ! icon on their rows explains why. Percentages cover 7 of 16 officers and directors. Left out: Jason Warnick, Daniel Gallagher Jr., Steven Quirk, Shiv Verma and Jeffrey Pinner (most of their shares vested during the period, so a percentage would mislead); Christopher Payne, Susan Segal and John Hegeman (holdings couldn't be fully reconciled); Dara Bazzano (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$620M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $620M across 5,338,545 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

The lighter segment is sales with no plan disclosed in the filing ($171M), including tax-related sales outside a plan.

No plan disclosed · $171M

Sales with no 10b5-1 plan and no tax reference in the filing. $171M of it is Baiju Bhatt. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Baiju Bhatt, Nov 7, 2025

Taxes

548,908 shares ($57.3M) were withheld by the company for taxes, which isn't a market sale.

Purchases · 3 in this period

Officers and directors reported 3 purchases (Form 4 code P) in this period, and 5 across all their filings on record.

Charitable gifts · 119K shares

Gifts the filings describe as charitable. Gifts are not sales and are not included in the sale totals.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Baiju Bhatt
Director
2.63M$315M46%51%Oct 21, 2025 to Sep 10, 2026
Vlad Tenev
Chief Executive Officer, Director
1.63M$178M100%29%Jan 5, 2026 to Sep 22, 2026
Jason Warnick
Chief Financial Officer
425K$50.5M100%8%Nov 11, 2025 to Feb 9, 2026
Daniel Gallagher Jr.
Chief Legal Officer
295K$35.1M100%6%Nov 3, 2025 to Sep 3, 2026
Steven Quirk
Chief Brokerage Officer
214K$24.9M100%4%Nov 4, 2025 to Sep 3, 2026
Jonathan Rubinstein
Director
42K$5.6M100%0.9%Nov 11, 2025 to Nov 11, 2025
Jeffrey Pinner
Chief Technology Officer
53K$5.5M100%0.9%Oct 27, 2025 to Apr 27, 2026
Shiv Verma
Chief Financial Officer
45K$4.2M100%0.7%Feb 17, 2026 to Sep 15, 2026
Paula Loop
Director
8.3K$1.0M100%0.2%Jul 2, 2026 to Jul 2, 2026
Oluwadara Treseder
Director
5.6K$675K100%0.1%Jul 2, 2026 to Sep 8, 2026

Sales by month

Oct 2025: $56.5MOct 2025Nov 2025: $283M$283MDec 2025: $23.9MDec 2025Jan 2026: $48.2MFeb 2026: $21.3MFeb 2026Mar 2026: $6.9MApr 2026: $33.9MApr 2026May 2026: $6.3MJun 2026: $7.4MJun 2026Jul 2026: $53.6MAug 2026: $6.2MAug 2026Sep 2026: $73.3MOct 2026
Monthly figures as a table
MonthSale proceeds
Oct 2025$56.5M
Nov 2025$283M
Dec 2025$23.9M
Jan 2026$48.2M
Feb 2026$21.3M
Mar 2026$6.9M
Apr 2026$33.9M
May 2026$6.3M
Jun 2026$7.4M
Jul 2026$53.6M
Aug 2026$6.2M
Sep 2026$73.3M
Oct 2026$0
Is this normal? Selling year by year4 earlier years to compare with

Less than usual: about half of the 4-year average. 10 insiders sold; the average is 6 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 7, 2026
Latest 12 months
5.34M10$620M
Oct 7, 2025
1 year earlier
28.25M7$1.83B
Oct 7, 2024
2 years earlier
6.72M5$111M
Oct 8, 2023
3 years earlier
2.27M4$22.7M
Oct 8, 2022
4 years earlier
1.66M10$28.2M
Oct 8, 2021
5 years earlier · filings don't cover the whole year
3.19M7$116M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty3 insiders whose holdings couldn't be fully reconciled

Christopher Payne: holdings couldn't be fully reconciled (difference of -808 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -283 shares on Jun 30, 2026 (Direct). Filing, Jun 30, 2026

Footnote: "On June 30, 2026, the Reporting Person was automatically granted 236 shares of Class A Common Stock under the Non-Employee Director Compensation Program of Robinhood Markets, Inc. ("Robinhood"), which permits directors to elect to receive payment of quarterly director fees in the form of stock, and Robinhood's 2021 Omnibus Incentive Plan. This grant was made in lieu of cash fees, based on the June 30, 2026 closing price of $100.28 per share of Class A Common Stock, and these shares were fully vested upon grant. Pursuant to a deferral election, vested shares will be delivered to the Reporting P"

Susan Segal: holdings couldn't be fully reconciled (difference of -844 shares). Filings report each grant's shares as the balance instead of a running total. Filing, Jun 30, 2026

Footnote: "On June 30, 2026, the Reporting Person was automatically granted 243 shares of Class A Common Stock under the Non-Employee Director Compensation Program of Robinhood Markets, Inc. ("Robinhood"), which permits directors to elect to receive payment of quarterly director fees in the form of stock, and the Robinhood 2021 Omnibus Incentive Plan. This grant was made in lieu of cash fees, based on the June 30, 2026 closing price of $100.28 per share of Class A Common Stock, and these shares were fully vested upon grant. Pursuant to a deferral election, vested shares will be delivered to the Reporting"

John Hegeman: holdings couldn't be fully reconciled (difference of -604 shares). Filings report each grant's shares as the balance instead of a running total. Filing, Jun 30, 2026

Footnote: "On June 30, 2026, the Reporting Person was automatically granted 162 shares of Class A Common Stock under the Non-Employee Director Compensation Program of Robinhood Markets, Inc. ("Robinhood"), which permits directors to elect to receive payment of quarterly director fees in the form of stock, and Robinhood's 2021 Omnibus Incentive Plan. This grant was made in lieu of cash fees, based on the June 30, 2026 closing price of $100.28 per share of Class A Common Stock, and these shares were fully vested upon grant. Pursuant to a deferral election, vested shares will be delivered to the Reporting P"

Jason Warnick: minor difference of 391 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Shiv Verma: minor difference of 233 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Inferred rename: "Index Ventures Growth III (Jersey) L.P" is treated as the same holder as "Index Ventures Growth III (Jersey) L.P. (Jersey) L.P", because the old name was never reported again and the new one opened with the same balance (10,296,520 shares). Old name, new name

Inferred rename: "See Note 3" is treated as the same holder as "See Note 6", because the old name was never reported again and the new one opened with the same balance (7,535,808 shares). Old name, new name

Inferred rename: "See Note 6" is treated as the same holder as "See Note 7", because the old name was never reported again and the new one opened with the same balance (6,086,208 shares). Old name, new name

Inferred rename: "See Note 8" is treated as the same holder as "See Note 9", because the old name was never reported again and the new one opened with the same balance (21,744 shares). Old name, new name

Inferred rename: "See Note 3" is treated as the same holder as "See Note 6", because the old name was never reported again and the new one opened with the same balance (7,535,808 shares). Old name, new name

Inferred rename: "See Note 6" is treated as the same holder as "See Note 7", because the old name was never reported again and the new one opened with the same balance (6,086,208 shares). Old name, new name

Inferred rename: "See Note 8" is treated as the same holder as "See Note 9", because the old name was never reported again and the new one opened with the same balance (21,744 shares). Old name, new name

Inferred rename: "See Note 3" is treated as the same holder as "See Note 6", because the old name was never reported again and the new one opened with the same balance (7,535,808 shares). Old name, new name

Inferred rename: "See Note 6" is treated as the same holder as "See Note 7", because the old name was never reported again and the new one opened with the same balance (6,086,208 shares). Old name, new name

Inferred rename: "See Note 8" is treated as the same holder as "See Note 9", because the old name was never reported again and the new one opened with the same balance (21,744 shares). Old name, new name

Inferred rename: "See Note 3" is treated as the same holder as "See Note 6", because the old name was never reported again and the new one opened with the same balance (7,535,808 shares). Old name, new name

Inferred rename: "See Note 6" is treated as the same holder as "See Note 7", because the old name was never reported again and the new one opened with the same balance (6,086,208 shares). Old name, new name

Inferred rename: "See Note 8" is treated as the same holder as "See Note 9", because the old name was never reported again and the new one opened with the same balance (21,744 shares). Old name, new name

Inferred rename: "him for Section 16 or any other purpose" is treated as the same holder as "Bullfrog Capital, L.P", because the old name was never reported again and the new one opened with the same balance (3,235,585 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology760 filings from SEC EDGAR, and how we read them

All 760 Forms 3, 4 and 5 filed for Robinhood Markets, Inc. (SEC CIK 1783879) from Jul 29, 2021 to Oct 2, 2026, retrieved from SEC EDGAR on Oct 7, 2026. Prices are the ones reported in each filing, often weighted averages. 27 filings were left out because Robinhood Markets, Inc. filed them as an owner of another company's stock.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (13)No filing in 18 months; last reported balances, not in any total