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FTX CEO Sam Bankman-Fried Buys 7.6% Stake in Robinhood
He bought 56 million shares of the popular trading app on May 2.
By Danny Nelson
Updated May 11, 2023, 4:24 p.m. Published May 12, 2022, 8:47 p.m.
Sam Bankman-Fried, the CEO of crypto exchange FTX, took a sizable position in Robinhood (HOOD) on May 2, according to a Securities and Exchange Commission filing.
Executed through an Antiguan firm called Emergent Fidelity Technologies Ltd, the position represents a 7.6% stake in the popular trading app, according to the filing published Thursday.
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At over 56 million shares, it was worth nearly $482 million at market close.
Shares of HOOD rallied 28% in after-market trading.
Read more: Goldman Downgrades Robinhood to Sell Amid Tough Environment for Crypto Brokerages
Sam Bankman-Fried is scheduled to speak at Consensus 2022 in June. Use code C22-rrekxZSy for 20% off.
CORRECTION (May 12, 20:54 UTC): Bankman-Fried bought 56 million shares of HOOD, not a $56 million position, as was previously represented in the headline.
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