Sam Bankman-Fried Buys 7.6% Of Robinhood; Stock Jumps
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Sam Bankman-Fried buys 7.6% of Robinhood; stock jumps

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, has bought a 7.6% stake in Robinhood for US$648 million, according to a filing with the U.S. Securities and Exchange Commission.

See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support

Fast facts

  • Bankman-Fried bought the stake through a firm called Emergent Fidelity Technologies, the filing says, where Bankman-Fried is the sole director and majority owner.
  • Emergent used working capital for the purchase and Bankman-Fried acquired the shares because they “represent an attractive investment,” the filing said. 
  • Shares of Nasdaq-listed Robinhood jumped about 30% at one point after the announcement and closed at US$8.56 on Thursday, up 5%. 
  • The equity and crypto trading platform’s shares have lost half their value so far this year, reflecting an across-the-board slump in stock markets and cryptocurrencies. 

See related article: Bitcoin, Ethereum, crypto at 2022’s lowest point

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  • Source: https://forkast.news/headlines/sam-bankman-fried-buys-7-6-of-robinhood/

This Post was originally published on Forkast

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