Alphabet slashed its stake in Robinhood stock by nearly 90% in the second quarter, SEC filings show.
The Google parent cut its stake from about 4.9 million shares to about 612,000.
Robinhood is coming off its first-ever profitable quarter as a public company, but is losing active users.
The Google-parent cut its holdings from 4.9 million shares at the end of March to 612,214 shares at the end of June.
Nonetheless, Robinhood notched its first-ever profitable quarter as a public company thanks to the high-interest rate environment.
Persons:
Robinhood, Duolingo
Organizations:
SEC, Service, Google
Locations:
Wall, Silicon, Robinhood