Shares of Robinhood Markets Inc. had been rocketing in late buying and selling Thursday after a submitting revealed that Sam Bankman-Fried, the chief govt of cryptocurrency alternate FTX Buying and selling, has taken a 7.6% stake within the well-liked buying and selling platform’s inventory.
Bankman-Fried has amassed 56.27 million shares of Robinhood
in accordance with the submitting, which got here out after Thursday’s closing bell.
Robinhood shares had been up 33% in after-hours buying and selling Thursday.
The transfer comes following a pointy current slide in Robinhood’s share worth. The inventory has misplaced greater than half its worth to date this 12 months, as of Thursday’s shut. It additionally comes amid a tough stretch for cryptocurrency markets.