Tech giant Google’s (NASDAQ: GOOGL) parent company Alphabet stated on Friday that it has slashed its stake in the financial services company, Robinhood Markets (HOOD) by as much as 90%. This is just as HOOD turned profitable in the second quarter.
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According to Alphabet’s regulatory filing, the company had around 612,214 shares in Robinhood as of June 30, down from 4.9 million shares at the end of the first calendar quarter. Based on Robinhood’s closing price on Thursday, Alphabet’s stake could be valued at around $7 million.
HOOD stock has surged by more than 40% this year.