Why Shares of Robinhood Are Surging Today

Shares of the commission-free online brokerage Robinhood Markets (NASDAQ: HOOD) had jumped nearly 25% as of 12:27 p.m. ET today after a regulatory filing disclosed that Sam Bankman-Fried, the CEO of the cryptocurrency exchange FTX, has taken a 7.6% stake in the company.

In a Securities and Exchange Commission (SEC) filing, the name of the reporting party is Emergent Fidelity Technologies, a company in which Bankman-Fried is the majority owner. The stake makes Bankman-Fried the third-largest shareholder of Robinhood.

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Source Fool.com