Robinhood announced that it has repurchased 55.3 million shares owned by Sam Bankman-Fried for a total of $605.7 million, with each share priced at approximately $10.96.
“We are pleased to have completed the repurchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders.”
Jason Warnick, Chief Financial Officer of Robinhood Markets
Robinhood’s board of directors had previously announced in the company’s Q4 2022 report that the agreement had received official approval. Additionally, in a SEC filing submitted on August 30th, it was stated that the U.S. District Court for the Southern District of New York had approved the acquisition “impartially and openly, without regard to any claim, interest, or bias.” It is also noted that this court approval is valid without any seizure or restrictions.
Sam Bankman-Fried Continues to Assert Claims on Assets
Furthermore, Bankman-Fried’s legal team asserts that the former FTX CEO continues to claim rights over assets as part of his criminal defense. Following the revocation of his bail by the judge on August 11th, Bankman-Fried, who is currently in detention, is expected to appear in court for his first trial starting on October 3rd.
