Robinhood shares 30% after Crypto Billionaire leaks 7.6% stake

Robinhood shares 30% after Crypto Billionaire leaks 7.6% stake

  • 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


online brokerage

.

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


net value

$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.

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