Alphabet, Google’s parent company announced on Monday that it has sold its interest in Robinhood Markets, a provider of trading apps.
The revelation was made many months after Alphabet cut its ownership of the business by about 90%. After that transaction, it possessed about 612,214 Robinhood shares.
It has been stated that Alphabet had invested in Robinhood during its early stages as an unlisted business, when its commission-free trades and user-friendly interface piqued the interest of retail traders.
Due to the Federal Reserve’s rate hikes last year, the economy became more uncertain, which made the app less appealing to use as users withdrew.
