Google parent company Alphabet has completely divested its stake in the stock trading app Robinhood.
Previously, Alphabet had already reduced its investment in Robinhood by nearly 90% but has now sold its remaining 612,000 shares. The company initially invested in Robinhood prior to its public offering in 2021, capitalizing on the startup’s growth during the rise of retail investing.
Robinhood went public with an initial share price of $38, peaking at over $80 shortly after. However, as of Monday, shares were trading at just above $8. Last week, the company fell short of third-quarter revenue expectations, reporting declines in both transaction revenue and monthly active users.