Robinhood Shares Drop 20% After FTX Turmoil

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The share worth of NASDAQ-listed zero-free buying and selling app Robinhood (ticker:HOOD) fell 19% on Tuesday after data that Binance, one of many main cryptocurrency exchanges, agreed to accumulate FTX, a crypto platform owned by, a soon-to-be former billionaire, Sam Bankman-Fried.

The sharp worth drop happens amid issues that the cryptocurrency mogul, who purchased a 7.6% stake in Robinhood in Could 2022, must promote at the very least a few of it to unravel his firm’s present disaster. This week, the liquidity of the FTX trade collapsed as traders rushed to withdraw their funds following worrying information concerning the monetary steadiness sheet of Alameda Analysis, the opposite cryptocurrency agency owned by Bankman-Fried.

The FTX CEO at present holds 56,273,469 shares in HOOD. Tuesday’s steep decline introduced the value from $11.72 to $9.74, which is the bottom worth it has been in additional than two weeks. For the corporate, it was the steepest one-day decline since August 2021. The entire of 2022 has undoubtedly not been a profitable yr for Robinhood as year-to-date (YTD) shares have misplaced 45%.

!!PUT CHART – Robinhood shares fell sharply throughout Wednesday’s session

Robinhood debuted on the inventory market in July 2021, promoting for $38 per share and elevating $2 billion from traders. The corporate rose for under a short time, reaching a file worth of $85 just a few days after the preliminary public providing (IPO), and has been in a transparent downward development ever since.

Losses and Workforce Cuts

The foremost US commission-free inventory buying and selling and investing app reported a quarterly internet lack of $175 million final week. Whereas the full internet income elevated by 14% to $361 million in comparison with the earlier quarter, income within the cryptocurrency section fell by 12% to $51 million.

Robinhood states, that the unstable market setting and threat aversion are the primary cause for the continued stoop and the decreasing variety of month-to-month energetic customers (MAU). Over the last quarter, the corporate’s consumer base fell to 12.1 million from the beforehand reported 14 million.

Present business turmoil has precipitated two rounds of layoffs; first, in April 2022, when Robinhood laid off 9% of its workforce and second, in August 2022, when a further 23% of the workers was left unemployed.

The share worth of NASDAQ-listed zero-free buying and selling app Robinhood (ticker:HOOD) fell 19% on Tuesday after data that Binance, one of many main cryptocurrency exchanges, agreed to accumulate FTX, a crypto platform owned by, a soon-to-be former billionaire, Sam Bankman-Fried.

The sharp worth drop happens amid issues that the cryptocurrency mogul, who purchased a 7.6% stake in Robinhood in Could 2022, must promote at the very least a few of it to unravel his firm’s present disaster. This week, the liquidity of the FTX trade collapsed as traders rushed to withdraw their funds following worrying information concerning the monetary steadiness sheet of Alameda Analysis, the opposite cryptocurrency agency owned by Bankman-Fried.

The FTX CEO at present holds 56,273,469 shares in HOOD. Tuesday’s steep decline introduced the value from $11.72 to $9.74, which is the bottom worth it has been in additional than two weeks. For the corporate, it was the steepest one-day decline since August 2021. The entire of 2022 has undoubtedly not been a profitable yr for Robinhood as year-to-date (YTD) shares have misplaced 45%.

!!PUT CHART – Robinhood shares fell sharply throughout Wednesday’s session

Robinhood debuted on the inventory market in July 2021, promoting for $38 per share and elevating $2 billion from traders. The corporate rose for under a short time, reaching a file worth of $85 just a few days after the preliminary public providing (IPO), and has been in a transparent downward development ever since.

Losses and Workforce Cuts

The foremost US commission-free inventory buying and selling and investing app reported a quarterly internet lack of $175 million final week. Whereas the full internet income elevated by 14% to $361 million in comparison with the earlier quarter, income within the cryptocurrency section fell by 12% to $51 million.

Robinhood states, that the unstable market setting and threat aversion are the primary cause for the continued stoop and the decreasing variety of month-to-month energetic customers (MAU). Over the last quarter, the corporate’s consumer base fell to 12.1 million from the beforehand reported 14 million.

Present business turmoil has precipitated two rounds of layoffs; first, in April 2022, when Robinhood laid off 9% of its workforce and second, in August 2022, when a further 23% of the workers was left unemployed.

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