On August 4, Alphabet, the parent company of Google, revealed in a regulatory filing that it has significantly reduced its ownership stake in the trading app, Robinhood Markets. The reduction amounts to nearly 90% of its previous holdings.
Prior to this move, Alphabet held approximately 4.9 million shares in Robinhood, but as of June 30, it only retained around 612,214 shares.
This development comes shortly after Robinhood announced its achievement of profitability for the first time since going public, during the second quarter.
