Robinhood to Buy Back SBF’s Stake for Over $605 Million
Online broker Robinhood is going to buy back the stake purchased by a company of crypto
exchange FTX founder Sam Bankman-Fried (SBF). The fintech intends to pay $605.7 million for the shares that were transferred to the custody of the U.S.
government after the bankruptcy of SBF’s businesses.
The stock was seized after FTX and Emergent filed for bankruptcy in
2022 and later transferred to the custody of the U.S. government, Reuters noted in a report.
The Menlo Park, California-headquartered financial services firm is
going to pay $605.7 million for 55.3 million shares.
The crypto mogul announced the purchase of a
7.6% stake in Robinhood Markets just six months before his company filed for bankruptcy in November.
SBF was arrested in the Bahamas and extradited to the United States about a month after the collapse of
FTX.
