Robinhood Board approves the purchase of SBF $578 million stake
Key Points: Last year, FTX cofounder Gary Wang and Sam Bankman-Fried, former CEO of FTX, purchased a $578million share in Robinhood. Robinhood’s board has approved a plan for the purchase back of that investment.
The US Department of Justice (DOJ) confiscated the 55 million shares, which is approximately 7% of the corporation’s stock, on January 9.
Robinhood has been working with the DOJ to implement a plan for the buyback.
Sam Bankman-Fried, former CEO of FTX, and Gary Wang, co-founder of FTX purchased a $578m share in Robinhood last fiscal year. Robinhood’s board has approved a plan for buying back the investment.
“Our Board authorized our exploration of acquiring all or most of the shares that Emergent Fidelity Technologies bought in May 2022.”
“The Board of Directors and the management team have a lot of faith in our business, which is evident by the proposed share purchase.”
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