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Robinhood Announces $1 Billion Share Buyback Program, Stock Rises 6.50%

May 28, 2024, 08:32 PM

Robinhood Markets has announced a $1 billion share buyback program, which will be executed over a two to three-year period starting in the third quarter of 2024. The company's board has authorized the repurchase of up to $1 billion worth of its Class A stock. This move is seen as a demonstration of confidence in the company's financial strength and future growth. Following the announcement, Robinhood's stock surged, rising by 6.50% in after-hours trading. The buyback program represents approximately 5% of the company's current market capitalization.