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Fintech

Robinhood stake acquired by FTX founder Sam Bankman-Fried

Robinhood shares rose as much as 42% in after-hours trading

One of the biggest names in cryptocurrencies is betting on individual investors.

Sam Bankman-Fried, the 30-year-old billionaire who founded the cryptocurrency exchange FTX, bought a 7.6% stake in Robinhood, according to a 12 May regulatory filing. He paid about $648m for the stake, which would make him the trading app’s third-largest shareholder.

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