by nearly 90%, cutting its exposure to the trading app operator that has been grappling with a slowdown in its mainstay business.
That stake was worth nearly $419 million when Robinhood shares hit their peak of $85 in August 2021, just a month after the initial public offering. The company's platform also played a major role in fostering a meme stock frenzy in January 2021, when several traders banded together on social media to push up the value of highly shorted stocks like GameStopBut the Federal Reserve's tightening cycle last year hammered shares, especially those of high-flying technology companies in which there was a lot of retail interest, denting Robinhood's business.
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