FTX had previously purchased a 7.6% stake in Robinhood in May.
CZ, CEO of Binance, disclosed a liquidity difficulty in the FTX financials.
As a result of the recent announcement that Binance would acquire Sam Bankman-Fried’s FTX. The popular trading platform Robinhood has seen its share price drop by over 20% to roughly $9.74. FTX had previously purchased a 7.6% stake in Robinhood in May. Prior to the announcement of the FTX acquisition, Robinhood started the trading day at $11.72.
SEC documents show that FTX acquired well over 56 million Robinhood shares, prompting some to speculate that Bankman-Fried planned to acquire Robinhood in its entirety. Yet, HOOD’s share price increased by 14%, to $9.12, on the deal report.
FTX Crisis Deepens
People who were housebound during the epidemic and had access to government stimulus funds began using Robinhood as a trading platform. In July 2021, Robinhood had its initial public offering and raised about $2 billion by selling shares for $38 eac
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