Robinhood Shares up 23per After FTX CEO Bags In
Categories: Crypto News US
FTX CEO Sam Bankman-Fried purchased a 7.6% stake in the Robinhood market. On the back of this news, Robinhood shares rose 28%.The crypto entrepreneur acquired 56.28 million shares of Robinhood for $648.29 million. The transaction took place through Emergent Fidelity Technologies, a company affiliated with Bankman-Fried, according to the U.S. SEC filing.The acquisition happened just after corporate crypto exchange Coinbase denied rumors of a possible merger with Robinhood earlier this week. Despite disappointing financial results, a further stock market dump and rumors of possible bankruptcy, top Coinbase executives made a statement during a phone call that they are not planning any fundamental changes on whether or not to acquire or merge with Robinhood.Long story short, now the biggest stake of one of the most popular and hyped online brokers of the United States is in the FTX CEO's pocket.