Alphabet dumps more than 90% of its stake in Robinhood

Google genitor Alphabet has pared backmost ample positions successful aggregate publically traded firms, including the trading level Robinhood, the cistron investigating institution 23andMe and connection learning startup Duolingo.

The institution dumped astir 90% of its involvement successful Robinhood, according to SEC filings. The institution sold disconnected much than 4.3 cardinal shares of the fintech banal during the play ended June 30. Robinhood posted its first profit arsenic a publically traded institution connected Aug. 2.

Robinhood has struggled since its 2021 IPO. The institution saw a surge of users during the Covid pandemic, drawn successful by the flourishing tech trade. But the institution was besides astatine the halfway of a ungraded implicit its relation successful the "meme stock" mania and retail trading outrage astatine payment for bid flow.

Still, the institution reported stronger than expected earnings, turning 3 cents per stock for the 2nd 4th compared to a Refinitiv statement estimation of a 1 cent per stock loss. Monthly progressive users, a cardinal benchmark for Wall Street, stay depressed quarter-over-quarter and year-over-year.

Alphabet inactive held astir 612,000 shares of Robinhood arsenic of June 30.

Alphabet besides trimmed important positions successful Duolingo and 23andMe. It sold astir 523,000 shares of Duolingo. The institution had antecedently held much than 6.7 cardinal shares of 23andMe, the cistron investigating startup co-founded by Anne Wojcicki, the erstwhile woman of Google co-founder Sergey Brin. Alphabet sold them by the extremity of the play ending June 30.