Sam Bankman-Fried, the creator of the now-defunct crypto exchange FTX, previously controlled $605.7 million in stock, which popular trading site Robinhood (HOOD) has agreed to purchase from USMS.
Around the beginning of this year, the United States government seized the 55 million HOOD shares owned by Bankman-Fried and other FTX co-founder Gary Wang through Emergent Fidelity Technologies holding company.
According to a U.S. Securities and Exchange Commission report, the U.S. District Court for the Southern District of New York approved the share repurchase agreement on August 28.Around 3% of Robinhood’s shares increased to $11.21 in the early Friday trading session.