Alphabet Sells Entire Stake in Robinhood Markets Inc.
Alphabet, the parent company of Google, has sold its entire stake in Robinhood Markets Inc, a popular trading app operator. Alphabet had accumulated up to 4.9 million Robinhood shares by the end of 2021, valued at approximately $419 million. However, the tech giant has been gradually pulling away from Robinhood, having previously slashed its stake in the company by almost 90%. Robinhood has been struggling to stay afloat due to various challenges, including interest rate hikes by the Federal Reserve and its association with the now-defunct cryptocurrency exchange FTX.
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