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Robinhood Announces $1 Billion Buyback of Class A Stock, Shares Surge 6.50%

May 28, 2024, 08:10 PM

Robinhood Markets has announced a $1 billion share repurchase program, targeting its outstanding Class A stock. The buyback is expected to be executed over a two to three-year period starting in Q3 2024. Following the announcement, Robinhood's stock ($HOOD) surged by 6.50% in after-hours trading. The repurchase program represents approximately 5% of Robinhood's current market capitalization.