Alphabet sells Robinhood stake

Alphabet has dissolved its stake in trading platform Robinhood Markets, the Google owner revealed on Monday.

The company invested in the consumer-oriented trading app when it was an unlisted start-up offering retail investors with commission-free trades and a simplified user experience that was much easier to parse than comparable apps.

While it exploded onto the scene, the app’s lustre has worn off over the past 12 months in light of the difficult economic conditions caused by the Federal Reserve's rate hikes and overall cost-of-living increases which have created a hostile investment environment for retail traders.

Robinhood missed Wall Street estimates for revenue in its third quarter earnings reported last week.

Earlier this year, Alphabet reduced its stake in Robinhood by nearly 90 per cent, leaving it with around 612,214 shares.

    Share Story:

Recent Stories

Bringing Teams to the table – Adding value by integrating Microsoft Teams with business applications
A decade ago, the idea of digital collaboration started and ended with sending documents over email. Some organisations would have portals for sharing content or simplistic IM apps, but the ways that we communicated online were still largely primitive.

Automating CX: How are businesses using AI to meet customer expectations?
Virtual agents are set to supplant the traditional chatbot and their use cases are evolving at pace, with many organisations deploying new AI technologies to meet rising customer demand for self-service and real-time interactions.