Google parent company Alphabet no longer has a stake in top trading app operator Robinhood Markets Inc following a recent decision by the former to dissolve its entire stake in the financial service platform.
Alphabet Secures Shares in Robinhood
Alphabet’s relationship with Robinhood began when the firm was just an unlisted startup. This was the same time the trading platform was enticing investors with its commission-free trades and easy-to-use interface. Before the end of 2021, the tech firm had amassed up to 4.9 million Robinhood shares.
By August 2021 when Robinhood hit a breakthrough with the shares reaching as high as $85, the Alphabet holding was valued at approximately $419 million.
Alphabet’s decision to sell all of its Robinhood shares was detailed in a filing with the United States SEC. Noteworthy, the tech giant has been pulling away from Robinhood gradually for some time now. A few months ago, the Google parent firm slashed its stake in the crypto-friendly company
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