Robinhood stock price jumps following report that FTX is weighing acquisition bid

Robinhood’s stock price jumped as much as 12% on Monday afternoon on news that crypto exchange company FTX is internally mulling an acquisition bid.

Bloomberg reported that, according to sources familiar with the matter, such discussions are taking place within FTX, which is led by Sam Bankman-Fried. The report stressed that no official bid has been received by Robinhood and that FTX may ultimately decline to pursue such a deal. 

$HOOD, which opened Monday at $8.12, popped as high as $9.72 once the Bloomberg report dropped — a move that prompted a temporary trading halt. The price has since lost some of those gains, and at press time is trading at $9.08. 

Bankman-Fried currently owns a 7.6% stake in Robinhood, according to filings by the Securities and Exchange Commission. 

In media statements, Bankman-Fried said “there are no active conversations with Robinhood” about a possible deal.

About Author

Anushree covers how U.S. businesses and corporations are moving into crypto. She has written about business and tech for Bloomberg, Newsweek, Insider, and others. Reach out on Twitter @anu__dave

Source: https://www.theblock.co/linked/154398/robinhood-stock-price-jumps-following-report-that-ftx-is-weighing-acquisition-bid?utm_source=rss&utm_medium=rss