Robinhood stock jumps 25% after FTX CEO acquires 7.6% stake
Shares of Robinhood went as high as $10.65 apiece, up by 24.47%
Robinhood shares jumped 23% on Friday, a day after the CEO of crypto exchange platform FTX, took a 7.6% stake in the retail investing app.
In a filing with the Securities and Exchange Commission, Samuel Bankman-Fried said he now owns more than 56 million shares, worth over $648 million, “in the belief that the shares represent an attractive investment,” making him the third-largest shareholder in Robinhood.
Shares of Robinhood were trading at $10.65 apiece, up by 24.47% at 3:04 PM in New York, on Friday.
Robinhood's market value
Robinhood’s stock closed at $8.56 on Thursday, the day the document was filed. That was about 77% below the company’s July IPO price. They jumped more than 32.5% in the extended trading hours following the disclosure.
While FTX, which was founded in 2019, was valued at $32 billion in a February funding round, and Bankman-Fried himself is worth $21 billion, Robinhood’s market value stands around $7.5 billion.
“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 wrote on Twitter