The stock market remains as volatile as ever, especially in the world of tech. While the news for crypto over the last few weeks hasn't been entirely positive, a new rumor has Robinhood's (HOOD) stock trending upwards. Robinhood shares jumped by 14 percent on Monday following rumors of an acquisition from crypto exchange company FTX.
According to Bloomberg, FTX has been internally discussing a takeover of Robinhood. However, there has not been a formal offer made, as of this post. These discussions increased Robinhood's stock by 14 percent.
This is not the first time that FTX has had an effect on Robinhood's stock valuation. Earlier this year, Robinhood's stock jumped by a staggering 40 percent on news that FTX CEO Sam Bankman-Fried had taken a 7.6% stake in the investment app.
This is all part of what's been an up-and-down year for Robinhood. Shares of the app had fallen by roughly 48 percent due to decreases in both revenue and users. After its first quarter earnings report, Robinhood stated that its monthly user base had dropped to 15.9 million, down from 17.7 million a year before.
We'll continue to follow news of a potential FTX acquisition of Robinhood here at Shacknews. Keep it here for the latest updates.