The Google headquarters in Mountain View, California, Jan. 30, 2023.
Marlena Sloss | Bloomberg | Getty Images
Google parent company Alphabet has reduced its holdings in several publicly traded firms, including Robinhood, 23andMe, and Duolingo.
According to SEC filings, Alphabet has sold off nearly 90% of its stake in Robinhood, disposing of more than 4.3 million shares of the fintech stock by June 30. Robinhood recently reported its first profit as a publicly traded company.
Robinhood has faced challenges since its initial public offering in 2021. While it attracted a wave of users during the Covid-19 pandemic, the company also faced controversy over its involvement in the “meme stock” mania and retail trading practices.
Despite Robinhood’s better-than-expected earnings for the second quarter, monthly active users have remained low compared to previous periods.
Alphabet still holds approximately 612,000 shares of Robinhood as of June 30.
In addition to reducing its stake in Robinhood, Alphabet has also trimmed its positions in Duolingo and 23andMe. It has sold approximately 523,000 shares of Duolingo and divested all of its 6.7 million shares in 23andMe, a gene testing startup co-founded by Anne Wojcicki, the former wife of Google co-founder Sergey Brin.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
