Sam Bankman-Fried, the billionaire founder of cryptocurrency exchange FTX, has amassed a 7.6 per cent stake in online retail brokerage Robinhood, calling it an “attractive investment”.
Bankman-Fried said in a securities filing he has no “intention of taking any action toward changing or influencing the control of [Robinhood]” and bought the stake purely as an investment. However, he left open the possibility of calling for the company to consider “strategic alternatives or operational or management initiatives”.
Shares in Robinhood rose 25 per cent in after-hours trading following the announcement.
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