Odaily Planet Daily News Emergent Fidelity Technologies, co-founded by FTX founder Sam Bankman-Fried (SBF) and former executive Gary Wang, filed for Chapter 11 bankruptcy protection on Friday night. Emergent Fidelity holds 56 million shares of Robinhood Markets (HOOD). Based on Friday's closing price, these 56 million Robinhood shares are worth more than $600 million. In addition, Bloomberg reported that the only other asset owned by Emergent Fidelity is $20.7 million in cash. It is reported that Bankman-Fried owns 90% of Emergent Fidelity and Gary Wang owns the remaining 10%. It was previously reported that in November last year, cryptocurrency lending company BlockFi had sued Emergent Fidelity Technologies, a company under FTX founder SBF, demanding that it hand over Robinhood (HOOD) shares used as collateral for borrowing.