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NORTH AmERIcAN Newsline OCTOBER 08, 2021 | The Indian Eye 32

forBes 400 lIst

Baiju Bhatt of robinhood app is

youngest billionaire on top list

The 36-year-old entrepreneur has a net worth of around $2.9 billion

our Bureau The company has paid $135

New York million in fines to regulator
FINRA and the SEC in the last
ndian-American and year to settle charges of mis-
co-founder of popular in- leading customers and keeping
Ivesting app Robinhood Mar- customers locked out of their
kets Baiju Bhatt is among the accounts during outages.
youngest billionaires on Forbes In the Forbes 400 list, at least
400 list, mainly thanks to the 15 are under the age of 40 and
July IPO of Robinhood. The the youngest being 29-year-old
36-year-old Bhatt has a net worth Sam Bankman-Fried, who has a
of around $2.9 billion, which net worth $22.5 billion, thanks
made him barely make the cut to the rapid growth of FTX, the
into the coveted billionaires list. cryptocurrency exchange he
Bhatt cofounded Robin- founded two years ago in Hong
hood in 2013 with Vlad Tenev, pany, which went public at a tomers’ cash balances, selling Kong, and his own crypto in-
who remains the CEO and just $32 billion valuation in July. order information to high-fre- vestments.
missed the cut for The Forbes Robinhood is known for pio- quency traders (a practice for FTX offers derivative trad-
400. Bhatt was co-CEO of com- neering commission-free trades which the SEC opened an in- ing in crypto options and allows
mission-free trading app Robin- of stocks and exchange-traded vestigation into the company users to trade tokens pegged to
hood Markets until he stepped funds. The company’s revenue in September 2020 and margin traditional stocks. It was valued
down in November 2020. He comes from mainly three main lending. Robinhood boasts of by private investors at $18 bil-
owns an 8% stake in the com- sources: interest earned on cus- around 31 million users. lion in July.

Brampton

International

university

honors Hemraj

shah for

social work

emraj V. Shah has been
conferred a doctorate
Hdegree by the presti-
gious Brampton International
University of Canada for social
work for more than six decades
of his life.
Shah, 81, received the award
in in presence of many dignitar-
ies at a function on October 3

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