Robinhood Markets Inc. CEO Vlad Tenev and Chief Legal Officer Daniel Gallagher sold company shares on July 6. SEC filings disclosed the transactions on July 9. Tenev sold 375,000 shares. The sale generated approximately $43.6 million. Gallagher sold 10,000 shares.
The executives executed these transactions under pre-arranged Rule 10b5-1 trading plans. These plans allow insiders to sell a predetermined number of shares at set times.
The sales followed a stock rally driven by Robinhood's expansion into cryptocurrency. Trading volume on the new Robinhood Chain decentralized exchange (DEX) recently surpassed $500 million. Interest in a meme coin largely fueled this surge in activity.