Robinhood shares surged over 30%

After crypto billionaire, Sam Bankman-Fried

revealed that he owns a stake of  7.6% stake in Robinhood, the shares of the online brokerage firm, increased by more than 30% According to a regulatory filing with the US Securities and Exchange Commission (SEC), the billionaire purchased about 56.3 million shares in Robinhood markets through his investment firm, Emergent Fidelity Technologies.

According to the company’s closing share price of $8.56, the stake of the crypto billionaire amounts to $482 million. According to the SEC filing, Bankman-Fried spent about $648.3 million on the shares.

Bankman-Fried is the founder and Chief Executive Officer of cryptocurrency exchange FTX. Currently, his net worth stands at $11 billion.

Robinhood

was founded in the year 2013. It is headquartered in California. In January, at the release of its annual results, informed that it had 22.7 million users at the end of 2021, marking an on-year increase of 81%.

On Thursday, the share price of Robinhood closed 5.03% higher at $8.56 They were last up about 24% at $10.60 a share in after-hours trade after surging as much as 37% to $11.70.