The value of Alphabet's shares in Robinhood has dropped 86% from its peak in August 2021, shortly after Robinhood's IPO. Despite this, Robinhood reported its first profitable quarter since its IPO. Meanwhile, Google's recent earnings results exceeded Wall Street expectations, highlighting the positive impact of artificial intelligence on its bottom line.
Key takeaways:
- Alphabet, Google's parent company, has sold off significant portions of its shares in several publicly traded companies, including Robinhood, Duolingo, and 23andMe.
- Alphabet sold more than 4.3 million shares, or 90% of its stake in Robinhood, retaining 612,000 shares as of the time of the filing.
- The value of Alphabet's shares in Robinhood has dropped 86% from its peak in August 2021, shortly after Robinhood's initial public offering.
- Despite shedding 3.2 million monthly active users, Robinhood reported its first profitable quarter since its IPO, with total accounts up by 70,000 compared to the previous quarter, and up by 310,000 year over year.