Robinhood Agrees $600 Million Buyback of Seized Sam Bankman-Fried HOOD Stake From US Marshal Service On August 30, Robinhood entered into
a $605.7 million (HOOD) share buyback agreement with the US Marshal Service (USMS) to reclaim shares formerly held by Same Bankman-Fried
(SBF) through Emergent Fidelity Technologies.
At the beginning of this year,
the US government took possession of the 55 million HOOD shares owned by Bankman-Fried and Gary Wang, co-founders of FTX, through their holding company, Emergent Fidelity Technologies,
after Bankman-Fried's cryptocurrency exchange, FTX, and Emergent filed for bankruptcy protection in 2022.
Last November, just six months before
Bankman-Fried's company filed for bankruptcy, he disclosed a 7.6% stake in Robinhood.
However, he clarified that he had no intention
of taking control of the retail trading platform. At that time, he expressed excitement about Robinhood's business prospects
and potential collaboration opportunities with FTX.
According to a US Securities and Exchange Commission Filing dated
August 30, the US District Court for the Southern District of New York approved the share repurchase agreement on August 28.
