Alphabet revealed Friday that it sold nearly 90% of its stake in DIY brokerage app Robinhood during the second quarter.
The Google parent said it had some 612,214 shares of Robinhood as of June 30, compared with 4.9 million shares in the first quarter ended March 31, according to regulatory findings.
As of Thursday’s closing bell, Alphabet's stake would be worth just about $7 million, according to calculations by Reuters.
On Wednesday, Robinhood posted its first-ever profit, but that didn’t stop its share price from tumbling 7% on Thursday.
Robinhood has fought to reclaim its status as the go-to trading app during the pandemic, during which it amassed a userbase of retail investors. In fact, Robinhood stock has declined 86% since hitting peaking in August 2021.
It also remains significantly exposed to the volatile cryptocurrency sector, with crypto-related revenues falling by 18% sequentially this quarter.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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