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    Home » FTX Says There Are No Talks To Acquire Robinhood

    FTX Says There Are No Talks To Acquire Robinhood

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    By joyabia on June 28, 2022 Companies, News
    FTX Says There Are No Talks To Acquire Robinhood
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    Sam Bankman-Fried, CEO of FTX exchange has responded to rumors about his firm’s acquisition of Robinhood Markets saying that they have no plans to take over the firm.

    Robinhood Not Received Formal Takeover Approach From FTX

    Bloomberg reported yesterday from sources familiar with the issue that Sam Bankman-Fried’s FTX crypto exchange might be exploring a potential acquisition of the Robinhood Markets Inc.

    The sources claimed yesterday that FTX is privately considering and making moves towards buying Robinhood but has not yet made public offers in line with this action. 

    However, FTX’s CEO has confirmed that there are no talks and actions to acquire the American financial services company. 

    “There are no active M&A conversations with Robinhood,” Bankman-Fried said in an emailed statement. “We are excited about Robinhood’s business prospects and potential ways we could partner with them.”

    Robinhood opted not to respond. The shares of the retail trading platform fell 5% in after-hours trading after increasing by almost 14% in response to the News. 

    FTX Robinhood

    The founder and CEO of FTX disclosed a 7.6% investment in Robinhood last month, but he insisted he had no plans to take over the retail trading platform.

    Due to Robinhood’s dual-class shares, which give its founders control over 64% of the voting shares in circulation, an acquisition without their consent is all but impossible.

    Robinhood Markets Inc, introduced in March 2015, is a financial services company that facilities commission-free trades of stocks, exchange-traded funds, and cryptocurrencies via a mobile app. 

    As trade volumes slow down from 2021’s frantic pace, when retail investors utilized it to invest in shares of so-called meme stocks like GameStop and AMC Entertainment, the company has come under attack this year. 

    Market data has shown that this slowdown, combined with a decline in high-growth technology firms, has caused the price of Robinhood shares to fall by almost 50% this year. As of last week’s Friday’s closing price, the corporation had a market value of around $7 billion.

    On the other hand, FTX crypto trading platform has proven sustainable in a turbulent market period. The exchange with its millionaire creator Bankman-Fried saved other participants during the most recent crisis of the cryptocurrency market. To assist the company in avoiding a cash shortage, it supplied crypto lender BlockFi with a $250 million revolving credit facility.

    The American division of FTX stated in May that a stock trading platform would go live by the end of the summer. It bought partner Embedded Financial Technologies last week for an unknown sum, expanding its stock trading platform with custody, execution, and clearing capabilities.

    Featured FTX Robinhood Sam bankman-fried
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