Alphabet Inc., the parent company of Google, has sold off all of its shares in Robinhood Markets, according to a recent filing. This move comes as trading volumes on the popular commission-free trading app have declined. Alphabet had previously been a significant investor in Robinhood but has been gradually reducing its stake over time. The decision to sever ties with Robinhood is likely due to the app’s declining market appeal and unfavorable economic conditions caused by the Federal Reserve’s rate hikes. Despite these challenges, Robinhood is pushing forward with its growth plans, including expanding into the European Union and offering cryptocurrency trading. However, the app’s cryptocurrency transaction revenue has seen a significant decline in the third quarter of 2023. Despite this, Robinhood remains committed to its mission of broadening its customer base through international crypto offerings. Additionally, Robinhood has successfully reacquired its own shares that were previously seized by Sam Bankman-Fried’s Emergent Fidelity Technologies. This deal was struck with the U.S. Marshal Service for $605.7 million.

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Information	Details
Geography	Europe
Countries	🇺🇸 🇬🇧
Sentiment	neutral
Relevance Score	1
People	Sam Bankman-Fried
Companies	Google, Federal Reserve, Reuters, Alphabet Inc., Robinhood Markets
Currencies	Ethereum, Bitcoin
Securities	None