- Robinhood’s involvement in the investment account program for American children has prompted the company ARK Invest buys company shares for $13 million.
- Under the terms of the Trump Accounts program, $1,000 will be credited to investment accounts from January 1, 2025, to December 31, 2028.
Company ARK Investor Cathie Wood increased her stake in Robinhood Markets, buying nearly $13 million worth of shares.
The leader in terms of replenishment was ARK Innovation ETF (ARKK), which acquired 132,116 shares of HOOD. In addition, shares were acquired ARK Next Generation Internet ETF (ARKW), which added 33,607 shares, and ARK Fintech Innovation ETF (ARKF), which added 16,918 shares.
Interestingly, the purchase came after the US Treasury Department said Robinhood will perform as broker and initial trustee for the new Trump Accounts, a tax-advantaged investment account program for children.
The agency announced that U.S. citizens born between January 1, 2025, and December 31, 2028, will receive a government contribution of $1,000 into these accounts. Robinhood has pledged to match this contribution ($1,000) for the children of its eligible employees.
The news had a positive impact on Robinhood shares, which rose more than 7,5% to $74,92 in the previous trading day. However, the company’s shares have fallen 38% year-to-date. As a result, Robinhood’s board of directors in March approved the buyback of shares worth $1,5 billion over the next three years.
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