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A total of 55 million shares of Robinhood, represented by the ticker symbol “HOOD,” were in the possession of Sam Bankman-Fried and Gary Wang. They held these shares through their company Emergent Fidelity Technologies.
Robinhood, a popular trading platform known by the ticker symbol “HOOD,” has reached an agreement with the United States Marshal Service (USMS) to repurchase stock worth $605.7 million. These shares were previously owned by Sam Bankman-Fried, who is the founder of the now-bankrupt cryptocurrency exchange FTX.
The U.S. government took control of 55 million HOOD shares that belonged to Sam Bankman-Fried and his fellow FTX co-founder, Gary Wang. These shares were held through their company called Emergent Fidelity Technologies.
The U.S. District Court for the Southern District of New York approved the share repurchase agreement on August 28. This development was confirmed through a filing with the U.S. Securities and Exchange Commission (SEC) dated August 30.
Positive Impact on Robinhood Shares
Following this news, Robinhood’s stock experienced a positive response in the market. The shares of Robinhood climbed by approximately 3% to reach $11.21 during the early trading session on Friday.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
