Robinhood Shares Soar on Takeover Hopes - 28 iunie 2022
Shares climbed as much as 21% and closed up 14% at $9.12. The stock, which was briefly halted for volatility, has slumped 49% this year and briefly traded at about $80 in August. Sam Bankman-Fried, the billionaire founder of FTX, unveiled a roughly $648 million investment in Robinhood in May in exchange for 7.6% of the company’s Class A shares. (US.HOOD)
Mr. Bankman-Fried has made headlines in recent weeks as a lender of last resort to the struggling crypto industry. FTX on Tuesday extended a $250 million revolving credit line to crypto lender BlockFi. The crypto exchange also is in talks to acquire a stake in BlockFi, The Wall Street Journal reported Friday.