Form 4: Robinhood Co-Founder Baiju Bhatt Executes Stock Sale

Robinhood Markets co-founder Baiju Bhatt sold 57,261 shares of Class A common stock via a pre-arranged 10b5-1 trading plan.

Summary

• Baiju Bhatt, through the Baiju Bhatt Living Trust, converted 57,261 shares of Class B common stock into Class A common stock.
• The converted shares were subsequently sold in multiple tranches on April 16, 2026.
• The sales were executed under a Rule 10b5-1 trading plan adopted on November 13, 2025.
• The weighted-average sale prices for the tranches ranged from $84.59 to $88.36 per share.
• Following these transactions, the Living Trust holds 47,073,799 shares of Class B common stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as the sale was executed through a pre-planned 10b5-1 mechanism and represents a small fraction of the insider's total holdings.

Positives

• The transactions were conducted under a pre-established Rule 10b5-1 trading plan, which is designed to avoid concerns regarding insider trading by scheduling sales in advance.

Negatives

• The sale represents a reduction in the direct equity stake held by a co-founder and director of the company.

Risks

• Continued divestment by company insiders may be perceived negatively by retail investors.
• Market volatility could impact the value of the remaining large holdings of Class B shares held by the Living Trust.

Future Outlook

No specific forward-looking guidance regarding company operations was provided; the filing relates strictly to the execution of a pre-planned divestment strategy.

Management Comments

• The reporting person has undertaken to provide full information regarding the number of shares and prices at which the trades were made to the SEC staff, the Issuer, or any security holder upon request.

Industry Context

StockSavvy.ai notes that insider selling via 10b5-1 plans is a standard practice for executives to diversify their personal portfolios without triggering market concerns regarding non-public information.

Comparison to Industry Standards

• The use of a 10b5-1 plan is the industry standard for corporate insiders to manage equity holdings in a transparent and legally compliant manner.
• The scale of the sale (57,261 shares) is relatively minor compared to the remaining holdings of over 47 million shares, indicating a routine liquidity event rather than a loss of confidence.

Stakeholder Impact

• Shareholders should view this as a routine personal financial management action by the co-founder rather than a signal of company performance.

Next Steps

• Continued monitoring of future Form 4 filings to track any further divestment activity by the co-founder.

Key Dates

Keywords

Robinhood, HOOD, Insider Trading, Baiju Bhatt, Form 4, Equity Sale, 10b5-1