Sam Bankman-Fried isn’t the only one who can strongarm his way into owning a unicorn. 

Covered:

  • Sam Bankman-Fried Buys His Way Into Robinhood
  • Future Prospects For FTX And Robinhood

Sam Bankman-Fried Buys His Way Into Robinhood

According to a filing made with the Securities and Exchanges Commission (SEC) today, FTX founder Sam Bankman-Fried bought himself 7.6% stake of fintech app Robinhood. The stake gives Bankman-fried 56 million shares in the company worth around 600 million USD as of press time.

The move comes just a day after Coinbase decided to pour cold water on even the notion of America’s largest crypto exchange snatching up Robinhood — and gaining market share of the equities market.

Not one to ever be not undone, Bankman-Fried saw the value in adding shares of Robinhood, especially since his FTX brand is known for its tokenized security offerings. This move should definitely not come as a surprise since Bankman-Fried has said in the past he sees himself purchasing Goldman Sachs one day.

Shares of Robinhood rose on the news. Currently, it’s up 23% in after hours, trading in the  $10.50 USD range.

Future Prospects For FTX And Robinhood

Elon Musk, as some of you may have heard, recently strongarmed his way into owning Twitter. Also, as some of you may remember, Musk began the process by first buying a sizeable amount of shares. This begs the question? Is Bankman-Fried doing a hostile takeover of Robinhood?

Doesn’t look like it, based solely on the filing — Bankman-Fried has yet to publicly comment on the purchase himself.  The filing did note that Robinhood “represents an attractive investment.” To which Robinhood responded via tweet: ““Of course we think it is an attractive investment too.”

If I were Vlad Tenev (CEO of Robinhood), I wouldn’t be so smug about it. Considering Bankman-Fried’s realistic visions (at least for him) of grandeur, I wouldn’t put it past him owning the whole shebang.

Recommended: Top Three Sam Bankman-Fried Moments Of 2021

The post Did Sam Bankman-Fried Just Pull An Elon Musk? appeared first on CryptosRus.

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