Google’s parent company Alphabet has dumped 90% of its shares in Robinhood, a recent regulatory filing reveals.
Perhaps unfortunately for the Big Tech firm, the sale of $6,109,896 in Robinhood stock occurred just as the digital exchange company reported its first profitable quarter since going public.
Alphabet Dumps Robinhood and Other Household Digital Brands
According to the recent filing with the US Securities and Exchange Commission (SEC), Alphabet has nearly entirely divested itself from Robinhood. But the digital exchange operator isn’t the only well-known digital brand that Alphabet has reduced its position in.
The SEC filing also reports that the company sold $35,502,698 worth of shares in the ride-sharing firm Lyft. As reported by CNBC, the tech giant has also sold a significant amount of shares in Duolingo and 23andMe.
Alphabet invested in all four businesses before they were listed publicly. But for maximum profit, it would have paid off to wait just a little longer.
The SEC filing reports that Alphabet’s Robinhood selloff occurred in the period up to June 30. But the exchange’s share price increased notably in July. And on August 3. The company reported revenues of $486 million, marking its first profitable quarter since its Initial Public Offering (IPO).
Robinhood Crypto Business Shrinks
Despite reporting 10% quarterly revenue growth, Robinhood’s earnings from its cryptocurrency trading platform decreased by 18% to $31 million.
One worrying trend for Robinhood is that monthly active users have declined across its exchange services. Standing at, 10.8 million in Q2 2023, the figure represents a loss of one million users since the previous quarter. Compared to Q2 2022, the platform’s monthly user count is down 3.2 million.
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