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Seeking Alpha 2022-06-01 19:08:04

75% off its IPO price, should you follow FTX's founder and buy Robinhood?

75% off its IPO price, should you follow FTX's founder and buy Robinhood?

Financial trading platform Robinhood (NASDAQ:HOOD) has fallen 75% since its much-hyped IPO last summer. Still, high-profile investors see value in the company, as it sharpens its appeal for young retail investors with further pushes into cryptocurrency. Sam Bankman-Fried, the founder and CEO of crypto exchange FTX, has taken a 7.6% stake in HOOD -- holdings worth more than half a billion dollars. Even with the company's recent struggles, should you follow Bankman-Fried and bet on the long-term future of HOOD? Memes, Pandemic Demand and Declining Users Robinhood came public last summer amid a rush of excitement. Pricing its IPO at $38 a share, the stock surged to an all-time high of $85 shortly after, in part fueled by some of the meme dynamics that made its trading platform so popular among retail traders in the first place. Even before its public debut, HOOD was already famous (or perhaps infamous) on

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