FTX CEO Sam Bankman-Fried bought 7.6% of Robinhood's shares. This caused the Robinhood share price to rise. Emergent Fidelity Technologies also purchased a $648 million stake in Robinhood. Robinhood is a financial platform that provides commission-free investment services. The acquisition was approved in a filing with the Securities and Exchange Commission on Thursday.
Robinhood Shares Up 36%
Although Robinhood's share price rose 36% on the news, the shares are 77% lower than their IPO price in July last year.
