- A 13D filling revealed that SBF took a 7.6% stake in Robinhood (HOOD) through a company called Emergent Technology Ltd.
- Robinhood stock was up as much as 28% in after-hours trading on the news
Shares in Robinhood Markets (HOOD) rose as much as 28% in after-hours trading as a 13D filing revealed that Sam Bankman-Fried (SBF) had taken a 7.6% stake.
Sam Bankman-Fried, founder and CEO of the cryptocurrency exchange FTX, purchased 56 million shares of HOOD. This gave him a 7.6% stake in the retail trading platform, according to the 13D filing.
SBF purchased the shares through a company called Emergent Fidelity Technologies Ltd., which Bankman-Fried is the sole owner of. The stake, based on after-hours trading at the time of writing, stood at around $560 million. Based on the closing price of $HOOD, the stake was worth slightly over $479 million.
HOOD’s stock was up 28% in after-hours trading after closing at $8.56 earlier in the day, according to NASDAQ data via TradingView.
McCarthy, A. M. (2022, May 12). FTX’s Sam Bankman-fried takes a 7.6% stake in Robinhood. The Block. Retrieved May 16, 2022, from https://www.theblockcrypto.com/post/146681/sbf-takes-a-7-6-stake-in-robinhood