As per Bloomberg reports, FTX was planning to acquire the popular stock trading app, Robinhood. Shares of Robinhood have surged more than 18% With this news.
Robinhood hasn’t received a formal offer from FTX and a final decision hasn’t been made.
“We are excited about Robinhood’s business prospects and potential ways we could partner with them, and I have always been impressed by the business they have built. That being said, there are no active M&A conversations with Robinhood,” Says Sam Bankman-Fried, the billionaire founder of FTX