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: Robinhood stock soars after CEO of crypto exchange FTX takes a stake

Shares of Robinhood Markets Inc. were rocketing in late trading Thursday after a filing revealed that Sam Bankman-Fried, the chief executive of cryptocurrency exchange FTX Trading, has taken a 7.6% stake in the popular trading platform’s stock.

Bankman-Fried has amassed 56.27 million shares of Robinhood HOOD, +5.03%, according to the filing, which came out after Thursday’s closing bell.

Robinhood shares were up 33% in after-hours trading Thursday.

The move comes following a sharp recent slide in Robinhood’s share price. The stock has lost more than half its value so far this year, as of Thursday’s close. It also comes amid a tough stretch for cryptocurrency markets.

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