Investing
Robinhood bought back Sam Bankman-Fried’s stake from US gov’t for $606M
Cryptocurrency and stock trading platform Robinhood (NASDAQ:) has announced the purchase of more than 55 million shares of the firm previously held by former FTX CEO Sam Bankman-Fried, also known as SBF.
According to an Aug. 31 blog post, Robinhood completed a purchase of 55,273,469 shares for roughly $606 million following a filing with the United States Securities and Exchange Commission. The shares, originally held by Bankman-Fried and FTX co-founder Gary Wang through Emergent Fidelity Technologies, were seized in January by the U.S. Department of Justice.
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