Robinhood shares jump 14% on report FTX may be exploring a deal
Robinhood shares jumped on Monday after Bloomberg News reported crypto exchange FTX was considering acquiring the trading app.
The stock soared 14% to its session high and was briefly halted after a report that FTX was discussing a takeover plan internally, but no offer has been made to Robinhood, Bloomberg News reported, citing people familiar with the matter.
Robinhood declined to comment.
Last month, Sam Bankman-Fried, CEO of FTX, took a 7.6% stake in Robinhood worth $648 million, according to a filing with the Securities and Exchange Commission.