Robinhood stock spikes after reported deal interest from FTX

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Shares of Robinhood Markets Inc. HOOD, +14.00% were surging about 15% in afternoon trading Monday after a Bloomberg News report said that FTX, the cryptocurrency exchange run by Sam Bankman-Fried, was exploring whether it may be able to purchase Robinhood. The report, which quoted multiple anonymous sources, said that FTX was “deliberating internally” how it might be able to acquire Robinhood. It also said that FTX hasn’t formally approached Robinhood about a potential deal. FTX didn’t immediately respond to MarketWatch’s request for comment about the company’s deal interest. Robinhood shares were halted shortly before 3 p.m. ET and resumed trading just before 3:10 ET. The stock has lost 48% so far this year as the S&P 500 SPX, -0.29% has declined 18%.

This article was originally published by Marketwatch.com. Read the original article here.

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