Robinhood Announces $1 Billion Share Buyback Program, Shares Surge 6.50%

May 28, 2024, 08:12 PM

Robinhood Markets 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 repurchase plan involves buying back up to $1 billion of outstanding Class A stock. Following the announcement, Robinhood's stock surged, gaining 6.50% in after-hours trading. The company's board authorized the repurchase program, which demonstrates confidence in Robinhood's financial strength and future growth. This buyback represents 5% of their current market cap.