Jun 27, 2022 - Economy & Business

FTX CEO says "no active conversations" with Robinhood

Photo illustration of Sam Bankman-Fried with a Robinhood logo tucked behind his ear.
Photo illustration: Gabriella Turrisi/Axios. Photo: Lam Yik/Bloomberg via Getty Images

Robinhood Markets' stock jumped 14% Monday on a Bloomberg report that crypto exchange FTX is considering an acquisition offer for the stock and crypto-trading app.

What to know: FTX founder and CEO Sam Bankman-Fried tells Axios that "there are no active conversations with Robinhood," although that statement obviously doesn't preclude FTX from beginning talks at any moment.

  • Bankman-Fried, who last month disclosed a 7.6% personal ownership stake in Robinhood, adds: "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 that [CEO Vladimir Tenev] and his team have built."

Catch up fast: Robinhood shares have plunged 87% since Aug. 4, closing trading Monday at $9.12.

  • It has a $7.96 billion market cap.
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