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ROBINHOOD: The Brokerage Collapses?

November 9, 2022 6:24 PM

By Staff Reporters

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Shares of Robinhood, the brokerage, plummeted by 15% as FTX was acquired to save it from collapsing. Sam Bankman-Fried bought a 7.6% stake in May in Robinhood, a brokerage meant to attract Millennial investors who sought to invest in cryptocurrencies.

But Bankman-Fried, the founder of FTX, a popular cryptocurrency exchange, faced even larger hurdles that investors were not aware of.

Robinhood (HOOD) – Get Free Report shares tumbled on Nov. 8, falling by as much as 15.54% in mid-day trading to $10.22 a share as Binance, the crypto behemoth, said it would acquire FTX, which was once its rival due to a “liquidity crunch.”

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