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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 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.
Robinhood’s communication team tweeted that it is “an attractive investment.”
“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
Source - CNBC
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