In its initial prospectus earlier this month, Robinhood disclosed that Tenev's phone was seized by federal attorneys as part of the GameStop probe. The company faces dozens of proposed class-action lawsuits, as well as examinations or investigations by regulators, state attorneys general, the Securities and Exchange Commission, FINRA and the U.S. The Financial Industry Regulatory Authority said in June that Robinhood will pay roughly $70 million in penalties for its systemwide outages and misleading communication and trading practices. Robinhood lets users buy and sell for free, and charges market makers such as Citadel Securities or Virtu for the right to execute customer trades. Robinhood ultimately raised $1 billion from investors to shore up its balance sheet, but the incident raised questions about the company's business model, known as payment for order flow. Robinhood co-founders will retain voting control At the end of March, Robinhood had 17.7 million monthly active users, up from 11.7 million at the close of 2020. Users flocked to Robinhood in the first quarter as crypto trading volumes soared and the popularity of meme stocks like GameStop and AMC Entertainment led millions of new traders to the app. That could value Robinhood at up to $35 billion, up from a private market valuation of $11.7 billion in September. Robinhood said it plans to sell shares at $38 to $42 each prior to its expected Nasdaq debut next week. "Our market is seeing a sea change, with consumers that we never thought would be embracing digital finance engaging with it in a big way," Plaid CEO and co-founder Zach Perret told CNBC when the latest financing round was announced in April. Chime, which delivers banking services through mobile phones, is worth $14.5 billion, while Plaid, which provides back-end technology that connects apps with bank accounts, is valued at $13 billion after Visa was forced to scrap its planned acquisition of the company. Klarna CEO Sebastian Siemiatkowski has a net worth of $2.2 billion, according to Forbes. Klarna, a Swedish payments company, is now worth $46 billion on the private market. Payments company Stripe was valued at $95 billion in a financing round in March, giving sibling co-founders Patrick and John Collison a combined stake of $23 billion, according to the Bloomberg Billionaires Index. That's before dipping into the companies that are still private. To be sure, no individual holder owns a billion-dollar stake. SoFi, a provider of college loans, home loans and a variety of investment and insurance products, went public through a SPAC in June and is now valued at $12 billion.