Robinhood no to FTX

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Robinhood Head Shuts Off FTX Merger Speculation, Declares He Has Funds to Complete His Projects

Robinhood no to FTX
Image Credit: CRYPKYP
Source: CoinDesk
1659604348 04 Aug / 09:12

Wednesday, the chief executive officer of Robinhood Markets (HOOD), a stockbroker whose stock has lost around three-quarters of its value since its debut last year, attempted to dispel rumors that his company may become an acquisition target for crypto behemoth FTX.

Sam Bankman-Fried, the millionaire founder of FTX, acquired a 7.6% interest in Robinhood in May. Bloomberg reported in June that FTX was considering the possibility of acquiring the firm, which would enhance FTX's fledgling attempts to offer stock trading to clients.

On Wednesday's earnings conference call, the CEO of Robinhood, Vlad Tenev, was questioned as to whether or not this may come to fruition.

“I adore us as an independent enterprise,” he stated. Tenev stated that Robinhood has around $6 billion in capital available for acquisitions and that the business sees potential to make acquisitions in the present climate. In April, Robinhood announced the acquisition of UK-based cryptocurrency company Ziglu.

Tenev remarked a day after his firm announced it would lay off around 23% of its workforce to reduce expenses despite a continued fall in monthly active users on the platform.

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