World-renowned investment platform Robinhood (HOOD) has approved a repurchase plan for 55 million shares bought by Sam-Bankman Fried (SBF), founder of bankrupt FTX.
Discussed since the FTX collapse HOOD The fate of the shares has been determined. FTX founder with a recent decision from Robinhood board Sam Bankman-Fried and co-founder Gary Wang purchased last year by Plan to buy back $578 million of company stock Confirmed. Details on confirmation of the decision were included in a fourth-quarter report released by Robinhood on Feb.
Robinhood’s chief financial officer Jason Warnick He made the following statements on the subject:
Our Board of Directors has authorized us to acquire most or all of the shares Emergent Fidelity Technologies acquired in May 2022. The proposed share purchase is an indication of the Board and management team’s confidence in our business.
FTX co-founders in May Emergent Fidelity Technologies at today’s prices by borrowing directly from Alameda Research, FTX’s sister company, via $578 million worth 55 million Robinhood shares had bought. On January 9, the U.S. Department of Justice (DOJ) announced that the company’s approximate 7%corresponding to seized 55 million shares.
In the process, previously on the seized shares SBF bankruptcy crypto loan platform BlockFi and FTX payee Yonathan Ben Shimon had also claimed. FTX lawyers, on the other hand, opposed this claim and said “Until FTX figures out how to repay all its creditorsHe argued that the said shares should continue to be frozen.
According to the documentation 90%The said shares, of which SBF is under the control of SBF, are owned by SBF, a Caribbean subsidiary. Emergent Fidelity Technologies was purchased by