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Alphabet dissolves Robinhood stake

Alphabet dissolves Robinhood stake

Google parent Alphabet has dissolved its stake in stock trading app Robinhood.

Alphabet had already reduced its stake in Robinhood by nearly 90% but has now ditched the final 612,000-odd shares.

The Google parent is understood to have invested in Robinhood before it went public in 2021, betting on the startup as it rode the wave of a surge in retail investing.

It listed at $38 per share and saw its price hit more than $80 in the first few days of trading.

However, on Monday, the company was trading at just over eight dollars a share. Last week it missed third quarter revenue analyst predictions, with transaction revenue and monthly active user numbers both down.

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