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.
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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.
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