FTX CEO, Sam Bankman-Fried Buys 7.6% Stake In Robinhood
Sam Bankman-Fried, the CEO of crypto exchange FTX, has taken a 7.6% stake in Robinhood, a filing with the Securities and Exchange Commission reveals.
Robinhood shares jumped 36% at one point in extended trading before pulling back. The share price at the session end stood at $8.56, about 77% away from its IPO price last July.
Sam Bankman-Fried, the Founder and CEO of the crypto exchange FTX, purchased over 56 million shares of HOOD. The 13D filing reveals that with the purchase, he now holds a 7.6% stake in the retail trading platform.
Bankman-Fried purchased the shares through a company called Emergent Fidelity Technologies Ltd., which he solely own. The stake, based on after-hours trading at the time of writing, stood at around $560 million. Based on the closing price of $HOOD, the stake was worth slightly over $479 million.
Robinhood wrote in a Twitter thread:
“We’re doubling down on creating a multi-generational company where customers can build wealth for their generations.
Of course we think it is an attractive investment too. We have the best customer base, are introducing great new products, and we have the team to deliver.
Our journey is just beginning.”
Of course we think it is an attractive investment too. We have the best customer base, are introducing great new products, and we have the team to deliver.
