The Board of Directors at Robinhood Markets Inc (NASDAQ:HOOD). has approved the plan to buy back $55 million in shares bought by Sam Bankman-Fried (SBF), ex-CEO of bankrupt FTX, last year. Currently, they are negotiating with the justice system to facilitate the move.
Robinhood Chief Financial Officer Jason Warnick states:
According to a report, shares jumped 4.78% after Robinhood made the announcement of repurchasing the 7.6% stake that Sam Bankman-Fried had owned in May last year through Emergent Fidelity Technologies. At the time, the share price had rallied to 25%.
Bankman-Fried and FTX co-founder Gary Wang had taken loans totaling $546 million from Alameda Research, SBF’s trading firm, to purchase the shares in Robinhood. They now plan to use it for SBF’s criminal defense.
The Department of Justice had seized the shares, worth arou…
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Source: Cryptocurrency - investing.com
