Robinhood Will Buy Back Sam Bankman-Fried’s Stake From the U.S. Government for Over $605 Million

Robinhood said on Friday it had entered into a share repurchase agreement with the United States Marshal Service (USMS) for $605.7 million to buy back stock from Sam Bankman-Fried’s Emergent Fidelity Technologies.

The shares of Robinhood were seized and subsequently transferred to the custody of the U.S. government after Bankman-Fried’s FTX and Emergent filed for bankruptcy protection last year. Bankman-Fried has pleaded not guilty to criminal fraud and conspiracy charges stemming from FTX’s November 2022 collapse.

Robinhood shares climbed more than 3% in premarket trading on the news.

The online brokerage said the 55.3 million shares would be sold at $10.96 apiece.

Read the source article at Yahoo Finance