Sam Bankman-Fried made the purchase which amounted to about $600 million, pushing the Robinhood stock up after weeks of freefall to a new low in the past week.
He told the SEC that he doesn’t intend to disrupt the business model of Robinhood, or even to be involved in its operations, despite the obvious operational overlaps.
One of the richest men in crypto is extending his investment portfolio beyond the sector and buying a stake in one of the most popular stock trading platforms in the world – Robinhood. Sam Bankman-Fried, the CEO and founder of FTX exchange revealed in regulatory filings that he had spent $600 million to purchase 8 percent of the zero-fee trading platform.
In documents filed with the Securities and Exchange Commission, SBF revealed he was making the purchase through Emergent Fidelity Technologies, a company he wholly owns. He had bought the 7.6 percent stake for $648 million.
The crypto billionaire believes that the Robinhood shares “represent an attractive
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