- Crypto billionaire Sam Bankman-Fried revealed that he owns around 56.3. million shares in Robinhood Markets.
- News of its 7.6% stake in Robinhood sent shares of the trading platform up more than 30% late in the session.
- Bankman-Fried is the founder and CEO of the FTX cryptocurrency exchange.
Robinhood Markets shares jumped more than 30% in late trades after crypto billionaire Sam Bankman-Fried disclosed a 7.6% stake in the
Bankman-Fried acquired about 56.3 million shares on Robinhood Markets through its investment firm, Emergent Fidelity Technologies, according to a regulatory filing Thursday with the US Securities and Exchange Commission (SEC). -United.
That makes the 30-year-old’s stake worth around $482 million, based on Robinhood’s closing stock price of $8.56. Bankman-Fried paid about $648.3 million for the stock, according to the SEC filing.
Bankman-Fried is the founder and CEO of the FTX cryptocurrency exchange. He has a
$11 billion, according to the Bloomberg Billionaires Index.
California-based Robinhood was founded in 2013 but was thrust into the limelight last year following a meme stock craze. It had 22.7 million users at the end of 2021, an 81% year-on-year increase, the company said when announcing its annual results in January.
The commission-free trading platform lost $3.7 billion in 2021. Its stock, which debuted at $38 per share in July 2021, has fallen more than 70% since its IPO. Revenue fell 43% in the first quarter of 2022 from a year ago, due to lower business activity, the company disclosed in April. He flagged crypto as an area of growth.
Robinhood stock price closed up 5.03% at $8.56 on Thursday. They last rose about 24% to $10.60 per share in after-hours trading after jumping 37% to $11.70.