Alphabet Divests Entire Robinhood Stake

Alphabet, the parent company of Google, has sold off its entire stake in trading app Robinhood, following a previous sale of about 90% of its stake in August. Robinhood has been facing challenges, including a decline in monthly active users and a 55% drop in crypto trading revenues. Despite this, Robinhood's total net revenues for Q3 2023 rose by 29% YoY, driven by other sources such as net interest revenues. Alphabet's sale of its Robinhood shares comes as it is reportedly in discussions to invest in AI startup Character.AI.