Tenev finds himself in a unique position among his fellow Forbes listers, in that his wealth has been accumulated on the back of a populist message. Robinhood, which was founded on the idea of democratizing access to investing, has always played on the popular resentment of wealthy investor-insider types who might be partying on yachts with Tenev today. This month, Robinhood launched the next iteration of this vision: Robinhood Ventures, a closed-end fund that promises to open access to private companies to Joe Schmo—and with them, the kinds of returns previously accessible only to venture capitalists. It’s an intriguing portfolio, full of companies that have long been on my radar but always out of reach for anyone besides my sources in VC, including the cloud platform Databricks, AI-data-labeling start-up Mercor, health-tracking ring-maker Oura, and supersonic flight company Boom. In a way, it’s a large-scale version of the secondary markets that have sprung up around hot investments. So-called “special purpose vehicles” bundle small checks from regular people, are laden with layers of fees, and are usually …