FTX's Sam Bankman-Fried takes a 7.6% stake in Robinhood

Quick Take

  • 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.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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May 5, 2022, 3:17PM UTC