Bankman-Fried talks about $546 million loan from Alameda to buy Robinhood shares
FTX co-founders Sam Bankman-Fried (SBF) and Gary Wang borrowed $546.4 million from Alameda Research to buy a 7.6% stake in Robinhood. This is stated in the documents for the court.
In testimony, the SBF said it formed Emergent Fidelity Technologies with Wang to acquire the online broker's securities.
“I borrowed $491,743,563.39 and Gary borrowed $54,638,173.71 from Alameda [Research]. All funds were capitalized in Emergent as working capital so that [the company] could buy shares in Robinhood,” explained the former CEO of FTX.
According to him, on April 30 they borrowed $316,667,182.50 and $35,185,242.50, and on May 25 - $175,076,380.89 and $19,452,931.21. The funds were paid in tranches within a few days before and after the dates specified in the application.
