🧵 1. Google parent Alphabet drastically reduces stake in Robinhood, 90% dumped, selling over 4.3M shares during Q2. #business
🧵 1. Google parent Alphabet drastically reduces stake in Robinhood, 90% dumped, selling over 4.3M shares during Q2. #business
🧵 2. Robinhood's IPO struggles, but reports surprising earnings of 3 cents/share in Q2, beating estimate of 1 cent/share loss.
🧵 3. Despite profit, Robinhood's monthly active users still low, affected by controversies and meme stock scandal.
🧵 4. Alphabet also trims holdings in Duolingo and 23andMe, selling about 523K shares of Duolingo and previously holding 6.7M shares of 23andMe.
🧵 5. Alphabet still retains around 612K shares of Robinhood as of June 30th.
🧵 Read more at: https://www.cnbc.com/2023/08/04/alphabet-dumps-more-than-90percent-of-its-stake-in-robinhood.html