Skip to content
Subscriber Only

Robinhood Surges After Sam Bankman-Fried Reports 7.6% Stake

  • FTX co-founder disclosed new stake after Thursday market close
  • Shares of the online brokerage had tumbled 77% since July IPO
Bloomberg business news
Bankman-Fried Reports Robinhood Stake
Updated on

Cryptocurrency billionaire Sam Bankman-Fried snapped up a 7.6% stake in Robinhood Markets Inc., triggering a surge in the stock.

The 30-year-old chief executive officer of crypto trading platform FTX acquired about 56.3 million shares in the troubled online brokerage through his Emergent Fidelity Technologies, a regulatory filing showed. Bankman-Fried’s position is worth about $482 million based on Thursday’s closing price of $8.56 a share. He paid about $648.3 million for it.