When a company’s own board member drops $35 million on its stock in a single week, it tends to get people’s attention. Especially when the stock is down nearly 40% over six months and the CEO has been heading for the exits.
Meyer Malka, an independent director at Robinhood Markets and founder of venture firm Ribbit Capital, directed his affiliated fund Bullfrog Capital to acquire 181,000 shares of HOOD on June 3 at a weighted average price of $83.45. The tab: approximately $15.1 million.
That purchase came just days after a Malka-linked fund scooped up 249,000 shares on May 28 at an average price of $80.39, a transaction worth roughly $20 million. Combined, Malka’s entities have poured over $35 million into Robinhood stock in roughly a week.
Buying when others are selling
Malka has sat on Robinhood’s board since March 2022, and as the founder of Ribbit Capital, one of Robinhood’s earliest backers, he has deep familiarity with the company’s trajectory. His entities now hold over 7.7 million shares of Robinhood Class A common stock, a position worth an estimated $647 million to $685 million based on recent market conditions.
