Robinhood Acquires Over 55 Million Shares Seized from Former FTX CEO Sam Bankman-Fried
Summary:
Robinhood acquires more than 55 million shares previously owned by former FTX CEO Sam Bankman-Fried for around $606 million. The shares were originally held by Bankman-Fried and FTX co-founder Gary Wang but were seized by the U.S. Department of Justice. The acquisition was approved by Robinhood's board of directors and the U.S. District Court.
Robinhood, the cryptocurrency and stock trading platform, has acquired over 55 million shares previously owned by former FTX CEO Sam Bankman-Fried. The purchase, valued at approximately $606 million, was finalized after filing with the SEC. These shares were initially held by Bankman-Fried and FTX co-founder Gary Wang through Emergent Fidelity Technologies but were seized by the U.S. Department of Justice in January. The purchase was already anticipated and received approval from Robinhood's board of directors in their Q4 2022 report. The U.S. District Court for the Southern District of New York also approved the acquisition, stating it is free from any claims or encumbrances. Robinhood's CFO, Jason Warnick, expressed satisfaction with the completion of the share purchase and emphasized their dedication to growth and the interests of their customers and shareholders. Stay tuned for more updates on this developing story.
Published At
9/1/2023 2:27:27 PM
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