Robinhood Plunges as Bankman-Fried’s FTX Sells Itself to Binance
- Deal announcement pushes stock down by most since August 2021
- FTX had been considered a potential suitor for Robinhood
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Robinhood Markets Inc. tumbled by the most in more than a year after Binance Holdings Ltd. agreed to acquire Sam Bankman-Fried’s troubled crypto exchange FTX.com, which had been considered a potential suitor for the trading platform.
Shares of Robinhood plunged 19% Tuesday, their steepest decline since August 2021, after the founders of Binance and FTX.com announced that they have signed a non-binding letter of intent on the takeover to “help cover the liquidity crunch” at FTX.com.