CNBC Television published this video item, entitled “Former SEC chair Jay Clayton on Robinhood’s sale of 98M shares” – below is their description.
Jay Clayton, former chair of the SEC, joins ‘Squawk Box’ to discuss Robinhood’s wild swings in the market and the company’s filing to sell 98 million shares. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Shares of Robinhood popped more than 9% after the company reiterated that it is not selling any additional stock. On Thursday, the company disclosed that existing shareholders will sell up to 97.9 million shares over time. The trading app also clarified Friday morning that these sales would not start right away, easing concerns about an immediate jump in stock supply that could weigh down the shares.
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