Robinhood, a crypto and stock trading platform, has completed a nine-figure buyback of its own shares from the former executives of FTX, including Sam Bankman-Fried and Gary Wang. The purchase was worth $605.7 million and secured 55,273,469 HOOD shares. The company funded the purchase from its balance sheet and the Board of Directors had authorized the company to pursue the purchase on February 8, 2023. The shares were previously owned by Bankman-Fried’s hedge fund, Emergent Fidelity Technologies, which filed for bankruptcy at the time. The government had confiscated close to $700 million worth of Bankman-Fried’s assets in January, including $455 million worth of HOOD shares, despite his lawyers’ fight to keep them. Prosecutors believe the shares were purchased using stolen money from former FTX customers. Robinhood’s average purchase price per share was $10.96, which is lower than the current market trading value of $11.18.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 10 |
| People | United States Marshal Service, Gary Wang, Emergent Fidelity Technologies, Sam Bankman-Fried, Prosecutors |
| Companies | PrimeXBT, Binance, Emergent Fidelity Technologies, United States Marshal Service (USMS), Robinhood |
| Currencies | None |
| Securities | None |
