Robinhood shares just popped up 30%: here’s why


Robinhood shares just popped up 30%: here’s why

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Wajeeh Khan

May 12, 2022

FTX CEO Sam Bankman-Fried took a 7.6% stake in Robinhood.

He spent $648 million to buy 56 million shares of Hood in total.

Robinhood shares popped up more than 30% in extended trading.

Shares of Robinhood Markets Inc (NASDAQ: HOOD) jumped more than 30% in extended trading on Thursday after the CEO of a Bahamian crypto exchange took a sizable stake in the fintech company.

Sam Bankman-Fried took a 7.6% stake in Robinhood

FTX co-founder Sam Bankman-Fried spent $648 million for a 7.6% stake in Robinhood, confirms a filing with the U.S. SEC. He’s now one of the largest shareholders of the Nasdaq-listed company.

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The Reporting Persons acquired the Shares in the belief that the Shares represent an attractive investment and do not currently have any intention of taking any action toward changing or influencing the control of the issuer.

FTX caters to more sophisticated traders with crypto derivatives and spot trading. It rivals the likes of Coinbase and Binance, but its services are not available in the United States.

Bankman-Fried bought 56 million shares of Robinhood

The SEC filing says Emergent Fidelity Technologies bought 56 million shares of Robinhood at an average per-share price of $11.57. Bankman-Fried is the majority owner and sole director of Emergent.

The Reporting Persons may from time to time engage in discussions as a stockholder with representatives of the Issuer, other stockholders of the Issuer or third parties regarding the performance of the Issuer and its business and investment returns.

Last month, Robinhood said macroeconomic headwinds weighed on trading volume as it reported results for its fiscal first quarter that came in shy of Wall Street expectations.

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