He bought 56 million shares of the popular trading app on May 2.
Sam Bankman-Fried, the CEO of crypto exchange FTX, took a sizable position in Robinhood (HOOD) on May 2, according to an Securities and Exchange Commission filing.
Executed through an Antiguan firm called Emergent Fidelity Technologies Ltd, the position represents a 7.6% stake in the popular trading app, according to the filing published Thursday. At over 56 million shares, it was worth nearly $482 million at market close.
Shares of HOOD rallied 28% in after-market trading.
This is a developing story and will be updated.
CORRECTION (May 12, 20:54 UTC): Bankman-Fried bought 56 million shares of HOOD, not a $56 million position, as was previously represented in the headline.
Sam Bankman-Fried is scheduled to speak at Consensus 2022 in June.
Source: coindesk.com | Danny Nelson