Robinhood To Buy Back SBF’s Stake For Over $605 mn
Robinhood Markets has entered into a stock repurchase agreement with the United States Marshals Service (USMS) for shares acquired by Emergent Fidelity Technologies, which was seized after FTX and Emergent filed for bankruptcy in 2022. The stock was later transferred to the US government. SBF was arrested and charged with fraud and conspiracy after the collapse of the exchange, one of the biggest in the cryptocurrency industry. His trial is scheduled to start in October.
Robinhood, a financial services firm, plans to buy back 55.3 million shares for $605.7 million. The deal was approved by U.S. District Judge Lewis Kaplan, who deemed the proposed share purchase agreement “appropriate” and in the best interest of relevant stakeholders. The deal was first announced in February and was approved by the board.
(With inputs from Shikha Singh)
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