Robinhood agrees to buy back $605.7 million in stock from FTX founder
Robinhood, the popular trading platform, has reached an agreement with the United States Marshal Service (USMS) to repurchase $605.7 million worth of stock previously owned by Sam Bankman-Fried, the founder of FTX. The U.S. government had seized the 55 million HOOD shares owned by Bankman-Fried and his co-founder Gary Wang earlier this year. The share repurchase agreement was approved by the U.S. District Court for the Southern District of New York. As a result, Robinhood shares saw a 3% increase to $11.21 during the early Friday trading session.
Key Points:
- Robinhood has agreed to buy back $605.7 million in stock from FTX founder Sam Bankman-Fried.
- The U.S. government had seized the 55 million HOOD shares owned by Bankman-Fried and his co-founder Gary Wang.
- The share repurchase agreement was approved by the U.S. District Court for the Southern District of New York.
- Shares of Robinhood saw a 3% increase to $11.21 during the early Friday trading session.
Hot Take:
This agreement between Robinhood and the USMS marks a significant step in resolving the legal disputes surrounding the seized HOOD shares. By repurchasing the stock from FTX founder Sam Bankman-Fried, Robinhood can regain control over the shares and potentially mitigate any negative impact on their business. This move demonstrates Robinhood’s commitment to addressing legal matters and maintaining a positive reputation in the crypto community.
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