Robinhood Shares Up 30% After Crypto Billionaire Discloses 7.6% Stake

• Crypto billionaire Sam Bankman-Fried revealed that he owns about 56.3. million shares in Robinhood Markets.
• News about his 7.6% stake in Robinhood sent the trading platform’s shares up more than 30% in late trading.
• Bankman-Fried is the founder and CEO of cryptocurrency exchange FTX.

Shares in Robinhood Markets surged more than 30% in late trading after crypto billionaire Sam Bankman-Fried disclosed a 7.6% stake in

Online Mediation

.

Bankman-Fried has acquired about 56.3 million shares in Robinhood Markets through its investment firm Emergent Fidelity Technologies, according to a regulatory filing Thursday with US Securities and Exchange Commission (SEC).

That makes the 30-year-old’s stake worth about $482 million, based on Robinhood’s closing price of $8.56. Bankman-Fried paid about $648.3 million to purchase the shares, according to a SEC report.

Bankman-Fried is the founder and CEO of cryptocurrency exchange FTX. he have

net value

$11 billion each Bloomberg Billionaires Index.

California-based Robinhood was founded in 2013 but was brought into the limelight last year on the back of the stock meme frenzy. It had 22.7 million users at the end of 2021 – an 81% year-on-year increase, the company said on its site Full year results Announcement in January.

Commission-free trading platform Lost $3.7 billion in 2021. Its stock, which debuted at $38 a share in July 2021, is down more than 70% since its IPO. The company revealed in a statement that revenues fell 43% in the first quarter of 2022 compared to last year with the decline in trading activity April. I have identified coding as an area for growth.

Robinhood’s 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 trading after rising 37% to $11.70.