CEO of FTX crypto exchange buys big stake in Robinhood

Published May 12, 2022 4:24 PM

NEW YORK (AP) — The CEO of cryptocurrency exchange FTX has bought a 7.6% stake in Robinhood Markets. That’s according to a filing with U.S. regulators on Thursday. Samuel Bankman-Fried said in the filing that he bought the shares thinking they were an attractive investment. The filing also said he doesn’t currently have any plans to change or influence the control of Robinhood. Robinhood shot to fame for its easy-to-use trading app, which brought a new generation of investors to the stock market. But crypto has become a major part of its business. Robinhood’s shares jumped nearly 27% in after-hours trading following the disclosure.

Article Topic Follows: AP National Business

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