Robinhood Markets Inc (NASDAQ: HOOD) shares are trading lower Tuesday amid concerns over the financial standing of cryptocurrency exchange FTX.
FTX CEO Sam Bankman-Fried’s Emergent Fidelity Technologies purchased 56,273,469 shares of Robinhood earlier this year. The firm’s position represents a 7.6% ownership stake in the company.
What Happened: Speculation surrounding FTX started last week following reports that Bankman-Fried’s trading firm Alameda Research held a significant portion of its balance sheet in FTT, the native token of FTX. The …
Full story available on Benzinga.com