Ivandjiiski worked for a hedge fund before being barred by the Financial Industry Regulatory Authority in 2008 for insider trading. He didn’t admit or deny wrongdoing, the agency said. Backshall is a familiar face on financial news networks who has been quoted by media outlets, including Bloomberg. His involvement with Zero Hedge, along with that of Lokey, hasn’t been widely known.

Since being founded in the depths of the financial crisis, Zero Hedge has grown from a blog to an Internet powerhouse.

"Zero Hedge founder Ivandjiiski defended the site, adding that it's designed to be a for-profit entity. “Ultimately, the website makes money, and it’s profitable, which is also why we’ve never had to seek outside funding or any outside money—our only revenue is from advertising, always has been since day one,” he said. “Obviously, every publisher’s mission is to maximize revenue and page views, and we think that we do it in a way that is appropriate.”"