Robinhood snagged the shares for $10.96 apiece – slightly under market value.
Crypto and stock trading platform Robinhood has executed a nine-figure buyback of its own shares from FTX’s former executives, including disgraced boss Sam Bankman-Fried and his fellow co-founder Gary Wang.purchase agreement“The Company funded the purchase of the Shares from corporate cash available from its balance sheet,” stated the agreement’s Form 8-K filing on Thursday.
Robinhood’s Board of Directors had already authorized the company to pursue purchasing most or all of the shares on February 8, 2023. Before that, Bankman-Fried and Wang owned the shares via the former’s hedge fund Emergent Fidelity Technologies, which filed for bankruptcy at the time.close to $700 million worth of Bankman-Fried’s assets in January, including $455 million worth of HOOD shares, despite his lawyers’ fight to keep them.
Robinhood’s average purchase price per share was $10.96 – below the market’s current trading value of $11.18.
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