FTX CEO Sam Bankman-Fried Buys 7.6% Stake in Robinhood

By Danny Nelson

He bought 56 million shares of the popular trading app on May 2. Sam Bankman-Fried speaks at Crypto Bahamas 2022. (Danny Nelson/CoinDesk)

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. 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.