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Robinhood shares rose over 30% after crypto billionaire Sam Bankman-Fried divulged a 7.6% stake in the trading platform

Byadmin2

May 13, 2022
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Crypto billionaire Sam Bankman-Fried took a 7.6% stake in Robinhood Markets. FTX

  • Crypto billionaire Sam Bankman-Fried divulged that he owns about 56.3. million shares in Robinhood Markets.

  • News of his 7.6% stake in Robinhood sent out shares of the trading platform up over 30% in late trade.

  • Bankman-Fried is the creator and CEO of cryptocurrency exchange FTX.

Shares in Robinhood Markets rose more than 30% in late trade after crypto billionaire Sam Bankman-Fried divulged a 7.6% stake in the online brokerage.

Bankman-Fried gotten about 56.3 million shares in Robinhood markets through his financial investment company, Emergent Fidelity Technologies, according to a Thursday regulative filing with the United States Securities and Exchange Commission (SEC)

That makes the 30-year-old’s stake worth about $482 million, based upon Robinhood’s closing share cost of $8.56. Bankman-Fried paid about $648.3 million for the shares, according to the SEC filing.

Bankman-Fried is the creator and CEO of cryptocurrency exchange FTX. He has a net worth of $11 billion, per the Bloomberg Billionaires Index.

California-based Robinhood was established in 2013 however was thrust into the spotlight in 2015 on the back of a meme-stock trend. It had 22.7 million users at the end of 2021– an on-year boost of 81%, the business stated at its full-year outcomes statement in January.

The no-commission trading platform lost $3.7 billion in 2021. Its stock, which debuted at $38 a share in July 2021, is down over 70% given that its IPO. Profits fell 43% in the very first quarter of 2022 from a year ago as trading activity fell, the business divulged in April. It has actually flagged crypto as a development location.

Robinhood share cost closed 5.03% greater at $8.56 on Thursday. They were last up about 24% at $10.60 a share in after-hours trade after rising as much as 37% to $11.70.

Check out the initial post on Company Expert

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