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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.
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.
STORY CONTINUES BELOW
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.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
