Alphabet, the owner of Google, has sharply cut its stake in Robinhood Markets, although, Cathie Wood is still buying shares in the trading platform for her ARK funds.
Alphabet
(ticker: GOOGL) reduced its investment in
Robinhood
(HOOD) by nearly 90% according to a filing on Friday. At the end of June. the tech titan held 612,214 shares, compared with more than 4.9 million shares at the end of March.
In Friday’s premarket trading, Robinhood shares were up 1.2%, to $11.67, after sinking more than 7% on Thursday. The company’s first quarterly profit was overshadowed by a fall in trading activity.
Alphabet made several investments in Robinhood through its venture-capital business while the trading platform was still a private company, Bloomberg reported. The value and timing of the sale of the Robinhood shares is unclear, although Alphabet’s current stake is worth $7.1 million.
In marked contract, Wood’s flagship
ARK Innovation ETF
(ARKK) bought 365,748 Robinhood shares, according to a disclosure made Thursday. Her
ARK Next Generation Internet ETF
(ARKW) and bought 70,111 shares and 46,422 shares bought by the
ARK Fintech Innovation ETF
(ARKF).
In marked contract, Wood’s flagship
ARK Innovation ETF
(ARKK) bought 365,748 Robinhood shares, according to a disclosure on Thursday. Her
ARK Next Generation Internet ETF
(ARKW) and
ARK Fintech Innovation ETF
(ARKF) bought 70,111 shares and 46,422 shares, respectively.
Write to Adam Clark at [email protected]
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