Robinhood Markets (NASDAQ: HOOD) rose as much as 8% intraday on June 10.
The rally followed a cluster of developments that landed one after the other, including a share purchase, a fresh regulatory milestone, and strong monthly trading data
Even so, Cathie Wood’s ARK Invest sold its stake in one of her favorite names. Why Robinhood surged on June 10 The surge in Robinhood came on the back of several events between June 9 and June 10. A regulatory filing dated June 5 showed that an entity tied to Robinhood director and Ribbit Capital founder Meyer Malka bought 250,000 shares last week at $80.74 apiece, a $20.2 million bet.
The position is held through Ribbit-affiliated funds (Bullfrog Capital), with Malka disclaiming beneficial ownership beyond his pecuniary interest. After the purchase, entities linked to Malka control more than 8 million HOOD shares across funds, trusts, and related vehicles. Ribbit was an early backer of Robinhood.