But there could be hope on the horizon.
Bankman-Fried, who runs the startup FTX, a cryptocurrency exchange based in the Bahamas, said in the filing that he bought Robinhood shares because he believes they “represent an attractive investment.” He added that his stake is meant to be a passive investment and that he does “not currently have any intention of taking any action toward changing or influencing the control of” Robinhood.
“Of course, we think it is an attractive investment, too. We have the best customer base, are introducing great new products, and we have the team to deliver. Our journey is just beginning,” Robinhood added.
The investment from Bankman-Fried could help Robinhood get back on track. Robinhood, along with crypto brokrage rival Coinbase, has struggled this year due to the volatility in the financial markets.