Crypto billionaire Sam Bankman-Fried disclosed that he owns about 56.3. million shares in Robinhood Markets.
News of his 7.6% stake in Robinhood sent shares of the trading platform up over 30% in late trade.
Bankman-Fried is the founder and CEO of cryptocurrency exchange FTX.
Shares in Robinhood Markets surged more than 30% in late trade after crypto billionaire Sam Bankman-Fried disclosed a 7.6% stake in the online brokerage.
Bankman-Fried acquired about 56.3 million shares in Robinhood markets through his investment firm, Emergent Fidelity Technologies, according to a Thursday regulatory filing with the US Securities and Exchange Commission (SEC).
That makes the 30-year-old's stake worth about $482 million, based on Robinhood's closing share price of $8.56. Bankman-Fried paid about $648.3 million for the shares, according to the SEC filing.
Bankman-Fried is the founder and CEO of cryptocurrency exchange FTX. He has a net worth of $11 billion, per the Bloomberg Billionaires Index.
California-based Robinhood was founded in 2013 but was thrust into the limelight last year on the back of a meme-stock craze. It had 22.7 million users at the end of 2021 — an on-year increase of 81%, the company said at its full-year results announcement in January.
The no-commission trading platform lost $3.7 billion in 2021. Its stock, which debuted at $38 a share in July 2021, is down over 70% since its IPO. Revenue fell 43% in the first quarter of 2022 from a year ago as trading activity fell, the company disclosed in April. It has flagged crypto as a growth area.
Robinhood share price closed 5.03% higher at $8.56 on Thursday. They were last up about 24% at $10.60 a share in after-hours trade after surging as much as 37% to $11.70.
Read the original article on Business Insider
The billionaire “Shark Tank” investor also says the turmoil in crypto markets is the same as with stocks: “Don’t go overboard on crypto.”
Tom Brady, if you haven’t heard, will become the No. 1 analyst at Fox after he retires from playing. Sam Farmer of the Los Angeles Times has spoken to multiple quarterbacks who have been there and done that. Some interesting quotes came from Hall of Famer Kurt Warner, who has done limited booth work on [more]
An unidentified person allegedly broke into her apartment building and rang the doorbell to ask if Do Kwon was home.
In February 2019, Reggie Fils-Aimé announced that he would be leaving Nintendo after 16 years — 13 of which were spent as the president and COO of the company’s North American division. It was a fruitful run, filled with more ups (Wii, Switch) than downs (Wii U) during a time of tremendous growth for the gaming industry. A lifelong serial executive, Fils-Aimé has retired from that aspect of the industry, while still maintaining a presence in gaming.
The University of Florida researchers only had 12 grams of 'lunar regolith' to work with.
Investors need to see concrete proposals before having confidence in Ferdinand “Bongbong” Marcos Jr.
Russia’s war in Ukraine is one of the biggest considerations in the U.S. Treasury’s latest strategy document outlining how the agency plans to combat significant illicit finance threats to the U.S. financial system
Analyst Colin Langan believes the recent raw material spike has delayed cost parity between EVs and gasoline powered cars by "at least a decade."
STORY: Shares of Robinhood jumped more than 26% on Friday, a day after the CEO of a major crypto exchange took a stake in the retail trading app.Samuel Bankman-Fried, the head of Bahamas-based cryptocurrency exchange FTX, revealed a 7.6% stake in Robinhood, capitalizing on the beaten-up stock to build a position.A regulatory filing said he did not have any intention of taking control of Robinhood but that he could end up pushing for changes. A person familiar with the matter said Bankman-Fried had not informed Robinhood of any plans to merge it with his FTX platform. According to the SEC filing, the crypto billionaire now owns more than 56 million shares of Robinhood, which he purchased for more than $648 million. Robinhood has struggled to meet Wall Street expectations since the company's IPO last year and, like many tech start-ups, has yet to turn a profit.The company – popular with younger, retail investors – reported a 43% decline in first-quarter revenue along with a decline in monthly active users in April, amid a steep stock market selloff.And, even with Friday's bounce, shares of Robinhood are down a whopping 87% from their all-time high.
The impact of supply chain disruptions is slowing deliveries of Wichita’s most important plane. Brian West, CFO of the Boeing Co., said Wednesday, as part of a Goldman Sachs conference, that the company is having to wait on certain components to complete deliveries of the 737 MAX. “We have one particular wiring connector that’s been slowing things down, and it’s a reflection of a crazy supply-chain world we live in right now,” West said, adding that the parts come from multiple suppliers around the world without naming the vendors.
Alibaba Group Holding founder Jack Ma made a rare public appearance at the company's Hangzhou campus on Tuesday, discussing philanthropy and agricultural technology with employees, according to a social media post by China Philanthropy Times. A photo published by the newspaper on its official Weibo account on Wednesday evening showed Ma seated with around 20 other employees in a meeting room. It was only the second public appearance by the Alibaba founder since he returned to China last November
Not every product being sold on shelves is safe for everyone to use. That's why warning labels are extremely important, as they let us know about the risks that might be associated with certain items—and if those risks apply to us. Unfortunately, labels can also be misleading: The U.S. Food and Drug Administration (FDA) is now alerting shoppers that the supplements or food they are buying could be unsafe if the packaging includes two specific words. Read on to find out what you should watch out
Clinton-era Cabinet member Robert Reich likened the widening split between GOP and Democratic states to an unhappy marriage.
Yahoo Finance Live's Akiko Fujita and Brian Cheung discuss Rivian stock amid the global chip shortage.
Its 40,000-mile long-term test has only just begun, and the Civic Si has already competed in its first autocross and traveled to an IMSA Endurance Cup race.
Entering the final day of trading this week, the stock of Chinese electric vehicle maker Nio (NYSE: NIO) had been down more than 12% just this week, and more than 25% over the past month. After rising more than 9% Friday morning, Nio American depositary shares (ADSs) were still up 7.1% as of 10:50 a.m. ET. There are fears the U.S.-listed ADSs could be delisted as the company joined a growing list of Chinese names that will be required to provide proof of meeting U.S. accounting and audit standards for three straight years.
In this article, we will discuss the 12 best energy stocks for 2022. If you want to skip our detailed analysis of the energy sector which highlights key trends and major players, you can go directly to 5 Best Energy Stocks for 2022. The energy sector has been the biggest contributor to skyrocketing inflation in […]
Feel poorer after the S&P 500's sell-off? Just know it could be worse. Much worse. Investors who piled in some $40 billion firms found out.
Canadian cannabis company Aurora Cannabis (NASDAQ: ACB) reported its fiscal third-quarter 2022 earnings last night, and in so doing, sparked a rally across the cannabis sector today. As of 1 p.m. ET, shares of Aurora Cannabis itself are already up 13%, and peer producers Canopy Growth (NASDAQ: CGC) and Sundial Growers (NASDAQ: SNDL) are benefiting as well — up 8.5% and 5.9%, respectively. Heading into Q3, analysts had forecast that Aurora Cannabis would lose $0.19 per share (0.25 Canadian dollars, and furthermore, this was a pro forma prediction) on sales of $41.5 million — about CA$53.7 million.
(Reuters) -Elon Musk tweeted on Friday that his $44-billion cash deal for Twitter Inc was “temporarily on hold” while he waits for the social media company to provide data on the proportion of its fake accounts. Twitter shares initially fell more than 20% in premarket trading, but after Musk, the chief executive of electric car market Tesla Inc, sent a second tweet saying he remained committed to the deal, they regained some ground. The shares were down 9.6% to $40.71 in trading on Friday, a steep discount to the $54.20 per share acquisition price.

source

Write A Comment

Your article is loading
Exit mobile version