Alphabet sells nearly 90% of its shares in Robinhood, Reuters reports

Alphabet (GOOGL) said it had lowered its stake in Robinhood (HOOD) by almost 90%, reducing its exposure to the company that has been grappling with a slowdown in its chief business, Reuters’ Niket Nishant reports. The Google parent had reportedly invested in the trading app operator when it was an unlisted startup, and held over 4.9M shares as of the end of 2021, the author says. While that stake was worth nearly $419M when Robinhood stock hit is peak in August 2021, following this recent sale, Alphabet now owns 612,214 shares of Robinhood, worth roughly $7M, the author notes.