- Crypto billionaire Sam Bankman-Fried says he owns about 56.3. One million shares of Robinhood Markets.
- News of his 7.6% stake in Robinhood drove shares on the trading platform up more than 30% in late trading.
- Bankman-Fried is the founder and CEO of cryptocurrency exchange FTX.
Shares in Robinhood Markets surged more than 30% in late trading after cryptocurrency billionaire Sam Bankman-Fried unveiled a 7.6% stake.
Bankman-Fried, through his investment firm Emergent Fidelity Technologies, has acquired approximately 56.3 million shares in the Robinhood market, regulatory documents said on Thursday. U.S. Securities and Exchange Commission (SEC).
Based on Robinhood’s closing price of $8.56, this would make the 30-year-old’s stake worth approximately $482 million. According to SEC documents, Bankman-Fried paid about $648.3 million for the stock.
Bankman-Fried is the founder and CEO of cryptocurrency exchange FTX. he has
California-based Robinhood was founded in 2013, but in the past year has taken a hit with the meme-stock craze. As of the end of 2021, there were 22.7 million users, an increase of 81% compared to the previous year, the company said. Annual results Announced in January.
Fee-free trading platforms lost $3.7 billion in 2021. The stock, which debuted at $38 per share in July 2021, has fallen more than 70% since its IPO. Revenue for the first quarter of 2022 was down 43% from a year earlier as trading activity declined, the company said. April. We have designated cryptocurrency as a growth area.
Robinhood shares rose 5.03% on Thursday to close at $8.56. They surged 37% to $11.70 and then rose about 24% to $10.60 in after-hours trading.