Robinhood is buying the shares that used to be owned by Emergent Fidelity Technologies, which was founded by Sam Bankman-Fried.
Highlights
- The firm bought back 55.3 million shares at around $10.96 each for a total of $605.7 million.
- The U.S.
- Department of Justice had seized the shares from Emergent Fidelity Technologies earlier this year.
- Bankman-Fried had his $250 million bail revoked on Aug.
- 11 and is preparing for his October trial from a New York jail.
- The former FTX CEO had tried to protect Emergent’s Robinhood shares from debtors in January, stating in court filings that the funds would finance his legal defense, according to court filings.
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