Robinhood shares jump 14% on report FTX may be exploring a deal
A woman holds a smartphone with the Robinhood logo in the background.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Robinhood shares jumped on Monday after Bloomberg News reported crypto exchange FTX was considering acquiring the trading app.
The stock soared 12% to its session high and was briefly halted after a report that FTX was discussing a takeover plan internally, but no offer has been made to Robinhood, Bloomberg News reported, citing people familiar with the matter.
Last month, Sam Bankman-Fried, CEO of FTX, took a 7.6% stake in Robinhood worth $648 million, according to a filing with the Securities and Exchange Commission. The filing said Bankman-Fried acquired the shares in the belief that they “represent an attractive investment.”
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