Google dumps more than 90% of its stake in Robinhood

Google-parent Alphabet has reduced its stake in Robinhood Markets by nearly 90%, according to SEC filings. According to a report in news agency Reuters, with this the company has cut its exposure to the trading app operator that has been grappling with a slowdown in its mainstay business.

Alphabet is said to have invested in Robinhood when the latter was an unlisted startup, and the company held over 4.9 million shares in the company as of the end of 2021.