The parent firm of Google, Alphabet Inc., has sold all of its shares in Robinhood, a financial brokerage service that accepts cryptocurrencies.
After recently deciding to liquidate its entire investment in the financial services platform, Alphabet, the parent company of Google, no longer owns any stock in Robinhood Markets Inc., the operator of the popular trading app.
Alphabet and Robinhood started working together when the latter was still an unlisted business. The trading platform was luring investors in simultaneously with its commission-free trades and user-friendly layout.
The IT company had acquired up to 4.9 million Robinhood shares by the end of 2021. When Robinhood succeeded in August 2021, and its shares rose to $85, Alphabet’s stake was estimated to be worth $419 million.
In a filing with the US Securities and Exchange Commission, Alphabet explained why it decided to sell every share of Robinhood. Notably, the IT behemoth has been progressively distanced from Robinhood for a while now.
Google’s parent company reduced its ownership of the cryptocurrency-friendly business by nearly 90% a few months ago, leaving it with just 612,214 shares in Robinhood.
According to a Reuters assessment, these remaining shares were valued at almost $7 million until they were liquidated on November 13.
