Samuel Bankman-Fried, the chief executive and founder of cryptocurrency exchange FTX, revealed a 7.6% stake in Robinhood Markets Inc on Thursday, capitalizing on the weakness of the shares of the trading app to build a position.
The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew KellyMay 12 - Samuel Bankman-Fried, the chief executive and founder of cryptocurrency exchange FTX, revealed a 7.6% stake in Robinhood Markets IncBankman-Fried said in a regulatory filing he did not have any intention of taking control of Robinhood.
Shares of Robinhood were up more than 27% in after-hours trading following the disclosure, as investors cheered Bankman-Fried's show of confidence in the beaten-up stock. The company has struggled to meet Wall Street expectations since its IPO last year. "We have the best customer base, are introducing great new products, and we have the team to deliver. Our journey is just beginning," the team said.
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