Investing
Robinhood to buy back Bankman-Fried’s stake for $605.7 million from US govt
© Reuters. FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -Robinhood said on Friday it had entered into a share repurchase agreement with the United States Marshal Service(USMS) for $605.7 million to buy back stock from Sam Bankman-Fried’s Emergent Fidelity Technologies.
The shares of Robinhood (NASDAQ:) were seized and subsequently transferred to the custody of the U.S. government after Bankman-Fried’s FTX and Emergent filed for bankruptcy protection last year.
Robinhood shares climbed 2% in premarket trading on the news.
The online brokerage said the sale of the 55.3 million shares at $10.96 apiece has been approved by the U.S. District Court for the Southern District of New York.
Robinhood had first disclosed its intention to buy back the stake in February and had said the company’s board had authorized it to pursue purchasing most or all of the stock.
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