FTX right now holds more than 56 million portions of Robinhood stock.
FTX at present holds north of 56 The cost of public trade Robinhood stock is down 20%, to around $9.74, on news that Binance will get Sam Bankman-Broiled’s FTX, which took a 7.6% stake in the well-known exchanging stage May.
Robinhood opened the day exchanging at $11.72 before insight about the FTX buyout became known.
According to an SEC filing, FTX bought just over 56 million shares of Robinhood, leading some to believe that Bankman-Fried intended to buy Robinhood outright, a claim he denied. Despite this, the price of HOOD jumped 14% on the news of the potential acquisition, to $9.12.
During the pandemic, Robinhood turned into a famous exchange stage for individuals stuck at home with government improvement cash in their financial balances. In January 2021, many financial backers utilized Robinhood to ward off a short crush of the gaming organization GameStop.
“Robinhood made this exceptionally fun application. It positively does gamify Money Road to a place where it makes it as simple as a computer game, there are no expenses, and with very little schooling, you can continue and trade stocks,” Ben Mezrich, creator of The Standoffish Organization told me at that point. “The twofold edge of that blade … is that normal individuals likewise can lose a truckload of cash on the off chance that they don’t have their eyes open and witness what can.”
Robinhood opened up to the world in July 2021, selling the first sale of stock offers at $38 per share, raising nearly $2 billion.
In the first quarter of 2022, Robinhood saw an 18% decrease in income after laying off 9% of its staff. The firm was accused of a worldwide slump in relaxed speculation action. In April, Robinhood was minimized from “nonpartisan” to “sell” by Goldman Sachs before raising it back to impartial in June.