Alphabet dumps more than 90% of its stake in Robinhood

Google father or mother Alphabet has pared again massive positions in a number of publicly traded companies, together with the buying and selling platform Robinhood, the gene testing firm 23andMe and language studying startup Duolingo.

The firm dumped practically 90% of its stake in Robinhood, in keeping with SEC filings. The firm offered off greater than 4.3 million shares of the fintech inventory through the interval ending June 30. Robinhood posted its first revenue as a publicly traded firm on Aug. 2.

Robinhood has struggled since its 2021 preliminary public providing. The firm noticed a surge of customers through the Covid-19 pandemic, drawn in by the flourishing tech commerce. But the corporate was additionally on the middle of a scandal over its position within the “meme stock” mania and retail buying and selling outrage at fee for order circulate.

Still, the corporate reported stronger-than-expected earnings, turning 3 cents per share for the second quarter in contrast with a Refinitiv consensus estimate of a 1 cent per share loss. Monthly lively customers, a key benchmark for Wall Street, stay depressed quarter over quarter and 12 months over 12 months.

Alphabet nonetheless held about 612,000 shares of Robinhood as of June 30.

Alphabet additionally trimmed vital positions in Duolingo and 23andMe. It offered about 523,000 shares of Duolingo. The firm had beforehand held greater than 6.7 million shares of 23andMe, the gene testing startup co-founded by Anne Wojcicki, the previous spouse of Google co-founder Sergey Brin. Alphabet offered them by the tip of the interval ending June 30.