Popular trading platform Robinhood has seen its stock surge double-digits on the back of a 7.6% stake acquisition by the FTX CEO.
Sam Bankman-Fried, the CEO of leading crypto exchange FTX, has purchased a 7.6% stake in the online trading platform Robinhood.with the US Securities and Exchange Commission , the billionaire’s shares are worth $648 million, purchased at an average price of $11.52.
Of note, the deal involved Emergent Fidelity Technologies and Robinhood. Bankman-Fried is the sole director and majority owner of the former. Following the news, Robinhood stock spiked 36% in the after-hours trading session. The price later retracted and was up 24% as of reporting time, MarketWatchJust before the announcement, the firm’s shares were trading at an all-time low of $7.73. Compared to HOOD’s IPO price of July 2021, this is an over 75% shave-off. Bankman-Fried’s acquisition has, therefore, brought some relief to Robinhood’s investors.
The document, however, clarifies that he will, time and again, “engage in discussions” with the firm’s management. These deliberations may entail the enhancement of “stockholder value” through actions such as “strategic alternatives or operational or management initiatives.” More so, the entrepreneur can acquire additional shares in the future, should he wish to do so.Robinhood decided to dabble in crypto trading in 2018. Thereafter, the firm’s revenue shot up to $1.
After a fall in stock-based revenue, the online brokerage further intensified its crypto operations in early January. The move placed it at par with leading exchanges Coinbase and the Winklevoss-owned Gemini. In Q1, 2022, Robinhood attributed a significant portion of its revenue to crypto-related transactions.of the London-based digital asset platform Ziglu, pending regulatory approval.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Robinhood Shares up 23% After FTX CEO Bags InRobinhood stocks jump 23% after SBF_FTX acquires stake robinhood hood ftx
Leer más »
FTX CEO Sam Bankman-Fried Buys 7.6% Stake in RobinhoodJUST IN: FTX CEO SBF bought a 7.6% stake in $HOOD worth almost $482 million at Thursday's market close. realDannyNelson reports
Leer más »
FTX's Sam Bankman-Fried takes a 7.6% stake in RobinhoodShares in Robinhood Markets (HOOD) rose as much as 28% in after-hours trading as a 13D filing revealed that Sam Bankman-Fried (SBF) had taken a 7.6% stake.
Leer más »
Robinhood shares up 30% after crypto billionaire discloses 7.6% stakeRobinhood shares surged over 30% after crypto billionaire Sam Bankman-Fried disclosed a 7.6% stake in the trading platform
Leer más »
Robinhood Shares Jump 22% After Crypto CEO Sam Bankman-Fried Acquires StakeRobinhood shares jumped 22% after the CEO of a major crypto exchange took a stake in the retail investing app Thursday.
Leer más »
Derivatives' Old Guard Fights FTX Chief Over Plan to Cut Out MiddlemenFTX's plan to cut out intermediaries in settling crypto derivatives trades is 'fraught with danger,' CME chief Terry Duffy told lawmakers Thursday. jesseahamilton reports
Leer más »