Google’s parent company Alphabet has dumped 90% of its shares in Robinhood, a recent regulatory filing reveals.
Perhaps unfortunately for the Big Tech firm, the sale of $6,109,896 in Robinhood stock occurred just as the digital exchange company reported its first profitable quarter since going public.
Alphabet Dumps Robinhood and Other Household Digital Brands
According to the recent filing with the US Securities and Exchange Commission (SEC), Alphabet has nearly entirely divested itself from Robinhood. But the digital exchange operator isn’t the only well-known digital brand that Alphabet has reduced its position in.
The SEC filing also reports that the company sold $35,502,698 worth of shares in the ride-sharing firm Lyft. As reported by CNBC, the tech giant has also sold a significant amount of shares in Duolingo and 23andMe.
Alphabet invested in all four businesses before they were listed publicly. But for maximum profit,…
