foxbusiness.com/markets/ftx-sam-bankman-fried-robinhood-stake

Samuel Bankman-Fried, chief executive of cryptocurrency exchange FTX, has taken a 7.6% stake in Robinhood Markets Inc. worth approximately $648.2 million.

Ticker Security Last Change Change % HOOD ROBINHOOD MARKETS INC. 10.69 +2.13 +24.88%

According to a 13-D filed with the Securities and Exchange Commission Thursday, Bankman-Fried's firm Emergent Fidelity Technologies purchased shares of the commission-free trading platform between March 14 and May 11, ranging from as low as $8.01 per share to as high as $13.85 per share. Bankman-Fried is Emergent's sole director and majority owner.

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The filing emphasizes that Bankman-Fried acquired the stake because he views Robinhood as an "attractive investment." He does not have "any intention of taking any action toward changing or influencing the control" of the company.

However, the filing notes that Bankman-Fried may engage in discussions with Robinhood's board and investors from time to time regarding its business, performance and investment returns. It also says Bankman-Fried could review options for enhancing Robninhood's stockholder value through "various strategic alternatives or operational or management initiatives" or acquiring additional shares.

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In a tweet following news of Bankman-Fried's stake, Robinhood said it is "doubling down on creating a multi-generational company where customers can build wealth for their generations."

"Of course we think it is an attractive investment too," the company added. "We have the best customer base, are introducing great new products, and we have the team to deliver. Our journey is just beginning."

Robinhood shares soared during Friday's trading session after briefly hitting an all-time low...

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