Robinhood Has Bought Out SBF's Stake From The US Government
Trading platform Robinhood bought 55 million shares of the company worth $606 million that were owned by Sam Bankman-Fried and FTX co-founder Gary Wang.
The shares previously owned by Bankman-Fried and Wang were seized by the US Department of Justice. In its 31 August blog post, the trading platform shared that it filed with the SEC and successfully completed the purchase of 55,273,469 shares.
The purchase of shares by the Robinhood platform was known months ago when the company indicated it in its Q4 2022 report. The latest filing with the SEC indicates only that the U.S. District Court for the Southern District of New York has approved the purchase.
“We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders,” said Jason Warnick, Chief Financial Officer of Robinhood Markets, Inc.
