Robinhood Board Authorizes Purchase of Shares Bought by FTX’s Sam Bankman-Fried, Gary Wang
Robinhood’s board of directors authorized the company to pursue purchasing most or all of the 55 million shares that Emergent Fidelity Technologies bought in May 2022, Robinhood said in its fourth-quarter earnings report.
Emergent Fidelity Technologies is the holding company controlled by former FTX executives Sam Bankman-Fried and Gary Wang. Last month, the U.S. Department of Justice seized those shares of Robinhood stock, worth nearly $500 million at the time.
The ownership of the stock is in dispute as the fraud case against Bankman-Fried continues to unfold.