(SEC) Shares of Robinhood Markets rose more than 30% in pre-market on Friday before retreating after Sam Bankman-Fried disclosed a stake of 7.6% in the online brokerage firm.
Crypto billionaire Sam Bankman-Fried bought 56.3 million shares in Robinhood at a cost of $648.3 million through his investment firm, Emergent Fidelity Technologies,
30-year-old Bankman-Fried, who is also the founder and CEO of FTX, has a net worth of $11 billion.
The jump in Robinhood shares comes after a turbulent year, with the company has lost around $3.7 billion in 2021. At the current price of above $8, the stock is way below its debut $38 a share offering in July 2021.
HOOD: NASDAQ is currently up +23.83% in premarket.
