13/05/2022 14:31
Robinhood on the shields on Wall Street. In the pre-market the stock marks + 23% in the 10.56 dollar area. Giving a bullish push to the trading platform’s stock is news that Sam Bankman-Fried, founder of cryptocurrency exchange FTX, revealed a 7.6% stake. The purchase makes him Robinhood’s third largest shareholder. Emergent Fidelity Technologies, which is owned by Bankman-Fried, took a $ 648 million stake in Robinhood in the belief that they “are an attractive investment.” “The reporting agents intend to hold the shares by way of investment and currently have no intention of taking any action to change or affect control of the issuer,” remarks a filing to the SEC.
“Of course we think it is also an interesting investment,” Robinhood remarked in a tweet in response to the news of the investment.
Robinhood stock hit an all-time low of $ 7.84 in intraday and then closed up 5% at $ 8.56, about 77% lower than last July’s IPO price.