Alphabet, Google’s parent company, reduces investment in Robinhood trading app.

Google-parent Alphabet slashes stake in Robinhood Markets

The trading app Robinhood has been making ⁢headlines ‍recently, and now it seems that Google-parent Alphabet is making a move. According to a regulatory‌ filing, Alphabet has​ cut its stake in Robinhood ‍by nearly ​90%. This news ⁤comes ⁤just days after Robinhood announced⁤ its first profitable quarter as a ⁣public company.

Robinhood ​became⁢ popular during the ⁤pandemic for its commission-free trades​ and user-friendly interface. However,‌ the tightening cycle of the Federal Reserve last‌ year had a negative impact on equities, especially tech stocks, which affected ​Robinhood’s‌ business. Since reaching its peak in August 2021, Robinhood shares have ‍plummeted by 86%.

Alphabet’s ‍stake in Robinhood has decreased significantly, from around 4.9 million⁣ shares in the ⁤previous quarter to approximately 612,214 shares as‌ of June 30. This reduction in stake means that Alphabet’s investment in Robinhood is now ‍valued at just about $7 million.

It will ‌be interesting to⁣ see how this move by Alphabet affects Robinhood’s future and whether⁤ other investors will follow suit.

⁤ (Reporting by‍ Niket Nishant in Bengaluru; Editing by Nivedita Bhattacharjee and Anil D’Silva)

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Google-parent Alphabet slashes stake‌ in Robinhood Markets

Google-parent⁢ Alphabet​ slashes stake in Robinhood Markets

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