Shares of Robinhood Markets (HOOD) (7KY) closed 14% higher on Monday following the news of a possible takeover by crypto exchange FTX. FTX is one of the biggest exchanges in the crypto space, and according to Bloomberg, it is in internal talks to figure out how to acquire Robinhood. The development comes after Robinhood, a darling of retail investors amid the meme stock frenzy, saw its shares slump almost 74% over the past year. Talk of a possible deal between the two companies has been gaining momentum ever since it was revealed last month that Emergent Fidelity, which is owned by FTX founder Samuel Bankman-Fried, owns 56.
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