Robinhood soars after 30-year old crypto billionaire takes stake
CNN
It's been a brutal year for Robinhood. The twin plunges of stocks and bitcoin have crushed the online brokerage's sales. The company also reported a loss and drop in users. The stock has plummeted 40% this year and Robinhood recently announced a big round of layoffs.
But there could be hope on the horizon.
Shares of Robinhood surged more than 25% Friday after an investment firm run by 30-year-old crypto billionaire Sam Bankman-Fried disclosed in a Securities and Exchange Commission filing that it has bought a 7.6% stake in the company.
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