Alphabet offloads nearly 90% stake in Robinhood

Google-parent Alphabet (GOOGL.O) said on Friday it had slashed its stake in Robinhood Markets (HOOD.O) by nearly 90%, cutting its exposure to the trading app operator that has been grappling with a slowdown in its mainstay business. Alphabet had reportedly invested in Robinhood when the latter was an unlisted startup, and it held over 4.9 million shares in the company as of the end of 2021. That stake was worth nearly $419 million when Robinhood shares hit their peak of $85 in August 2021, just a month after the initial public offering. Following the sale, Alphabet now owns 612,214 shares in the company, worth about $7 million, according to Reuters calculations. As of Thursday, Robinhood shares have dropped 86% from their record levels.