FTX's Sam Bankman-Fried Takes A 7.6% Stake In Robinhood
A 13D filling revealed that SBF took a 7.6% stake in Robinhood (HOOD) through a company called Emergent Technology Ltd. Robinhood stock was up as much as 28% in after-hours trading on the news.
Kabir V.
9:32 12th May, 2022
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Shares 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.
Sam Bankman-Fried, founder and CEO of the cryptocurrency exchange FTX, purchased 56 million shares of HOOD. This gave him a 7.6% stake in the retail trading platform, according to the 13D filing.
Sam Bankman-Fried purchased the shares through a company called Emergent Fidelity Technologies Ltd., which Bankman-Fried is the sole owner of The stake was worth roughly $560 million at the time of publication.
HOOD’s stock was up 28% in after-hours trading after closing at $8.56 earlier in the day, according to NASDAQ data via TradingView.
