Google-parent Alphabet dissolves stake in trading app Robinhood
(Reuters) -Google-parent Alphabet said on Monday it had dissolved its stake in trading app operator Robinhood Markets.
The disclosure comes months after Alphabet slashed its stake in the company by nearly 90%. It had around 612,214 Robinhood shares after that sale.
Alphabet had reportedly invested in Robinhood when the latter was an unlisted startup that had captured the enthusiasm of retail traders with its commission-free trades and easy-to-use interface.
As economic conditions turned murky because of the Federal Reserve's rate hikes last year, the app lost some of its charm as its customer base stayed on the sidelines.
In its third quarter earnings report last week, Robinhood missed Wall Street estimates for revenue, weighed by a slowdown in trading.
(Reporting by Niket Nishant in Bengaluru; Editing by Pooja Desai)