- Bankman’s News- Fried’s 7.6% stake in Robinhood Markets caused the online brokerage’s stock price to rise by as much as 30% earlier this month. The FTX CEO pounced after Robinhood’s stock sank to its lowest level since its post-IPO peak in August.
- According to Yahoo Finance, its stock price has slowly declined from $38 per share on its initial public offering to under $10 today.
- After the crypto exchange revealed intentions to offer its customers a fee-free stock-trading service, he stated, What we finally aim to provide is an everything app for financial services.
FTX has gathered more than $2 billion to spend on acquisitions and investments in other companies, according to cryptocurrency entrepreneur Sam Bankman-Fried. According to Bloomberg, he intends to turn FTX into a platform where customers can trade numerous assets, including stocks.
Stock Price To Rise By As Much As 30%
FTX is a lucrative corporation, according to Bankman-Fried. Take a look at how much money we’ve raised in the last year or two – it’s in the billions of dollars. That provides us a sense of where we are in terms of cash, which was deliberately considered from the perspective of a potential acquisition.
Bankman-Fried and FTX have been on a buying spree recently, acquiring stakes in LedgerX, a Commodity Futures Trading Commission-regulated exchange, as well as IEX Group and Robinhood Markets, two trading platforms. It’s always something we’ll be open to and keep our ears to the ground on, Bankman-Fried said of purchasing and investing in other businesses.
Bankman’s News- Fried’s 7.6% stake in Robinhood Markets caused the online brokerage’s stock price to rise by as much as 30% earlier this month. The FTX CEO pounced after Robinhood’s stock sank to its lowest level since its post-IPO peak in August, partially due to the company’s announcement that it would be laying off hundreds of employees.
ALSO READ – Here’s How To Mint A NFT For Free
Stock Price Has Slowly Declined
According to Yahoo Finance, its stock price has slowly declined from $38 per share on its initial public offering to under $10 today. Bankman-Fried was definitely enticed by the lower price. If it’s inexpensive, absolutely, he told Bloomberg when asked what attracts him to acquisitions.
According to Bloomberg, Bankman-intention Fried’s to develop FTX into a multi-asset trading platform derives from a desire to provide users with all of their financial services in one app.FTX.Brett Harrison, the corporation’s president in the United States, shares a similar goal for the company. After the crypto exchange revealed intentions to offer its customers a fee-free stock-trading service, he stated, What we finally aim to provide is an everything app for financial services.
Source: https://www.thecoinrepublic.com/2022/05/31/sam-bankman-fried-has-more-than-2-billion-set-up-for-acquisitions-which-is-a-wonderful-thing-if-theyre-as-cheap-as-robinhood/