Robinhood shares spike 30% after Sam Bankman-Fried buys $650M stake
Sam Bankman-Fried, the billionaire founder and CEO of cryptocurrency exchange FTX has acquired a substantial 7.6% stake in the popular online brokerage, Robinhood.
The news was well received by the market, with Robinhood’s (HOOD) stock price initially soaring over 30% in after hours trading. At the time of writing the price has settled to a 24% overall gain.
According to a securities filing made with the Securities and Exchange Commission on Thursday, Bankman-Fried purchased a total of…