Alphabet has dissolved its stake in trading platform Robinhood Markets, the Google owner revealed on Monday.
The company invested in the consumer-oriented trading app when it was an unlisted start-up offering retail investors with commission-free trades and a simplified user experience that was much easier to parse than comparable apps.
While it exploded onto the scene, the app’s lustre has worn off over the past 12 months in light of the difficult economic conditions caused by the Federal Reserve's rate hikes and overall cost-of-living increases which have created a hostile investment environment for retail traders.
Robinhood missed Wall Street estimates for revenue in its third quarter earnings reported last week.
Earlier this year, Alphabet reduced its stake in Robinhood by nearly 90 per cent, leaving it with around 612,214 shares.
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