Robinhood Repurchased Sam Bankman Fried’s Stake For $605 Million

Crypto and inventory buying and selling platform Robinhood (HOOD) has completed a nine-figure buyback of its personal stocks from FTX’s former executives, together with disgraced boss Sam Bankman-Fried and his fellow co-founder Gary Wang.

The acquisition secured 55,273,469 HOOD stocks price $605.7 million.

  • Robinhood entered into the acquire settlement with the USA Marshal Carrier (USMS) on August 30, and closed the transaction day after today.
  • “The Corporate funded the acquisition of the Stocks from company money to be had from its stability sheet,” said the settlement’s Shape 8-Okay submitting on Thursday.
  • Robinhood’s Board of Administrators had already licensed the corporate to pursue buying maximum or all the stocks on February 8, 2023. Ahead of that, Bankman-Fried and Wang owned the stocks by means of the previous’s hedge fund Emergent Constancy Applied sciences, which filed for chapter on the time.
  • The federal government confiscated with reference to $700 million price of Bankman-Fried’s property in January, together with $455 million price of HOOD stocks, in spite of his attorneys’ combat to stay them. Prosecutors imagine the ones stocks have been bought the use of former FTX consumers’ stolen cash.
  • Robinhood’s reasonable acquire value in step with percentage used to be $10.96 – beneath the marketplace’s present buying and selling worth of $11.18.

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