{"id":148602,"date":"2023-09-02T13:05:57","date_gmt":"2023-09-02T07:35:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=148602"},"modified":"2023-09-02T13:05:57","modified_gmt":"2023-09-02T07:35:57","slug":"robinhood-repurchased-sam-bankman-frieds-stake-for-605-million-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/robinhood-repurchased-sam-bankman-frieds-stake-for-605-million-crypto-news\/","title":{"rendered":"Robinhood Repurchased Sam Bankman Fried\u2019s Stake For $605 Million &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Crypto and stock trading platform Robinhood (HOOD) has executed a nine-figure buyback of its own shares from FTX\u2019s former executives, including disgraced boss Sam Bankman-Fried and his fellow co-founder Gary Wang.<\/p>\n<p>The purchase secured 55,273,469 HOOD shares worth $605.7 million.<\/p>\n<ul>\n<li>Robinhood entered into the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1783879\/000178387923000201\/hood-20230830.htm\" data-wpel-link=\"external\">purchase agreement<\/a> with the United States Marshal Service (USMS) on August 30, and closed the transaction the following day.<\/li>\n<li>\u201cThe Company funded the purchase of the Shares from corporate cash available from its balance sheet,\u201d stated the agreement\u2019s Form 8-K filing on Thursday.<\/li>\n<li>Robinhood\u2019s Board of Directors had already authorized the company to pursue purchasing most or all of the shares on February 8, 2023. Before that, Bankman-Fried and Wang owned the shares via the former\u2019s hedge fund Emergent Fidelity Technologies, which filed for bankruptcy at the time.<\/li>\n<li>The government <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/us-feds-confiscate-nearly-700m-of-sam-bankman-frieds-assets-report\/\" data-wpel-link=\"internal\">confiscated<\/a> close to $700 million worth of Bankman-Fried\u2019s assets in January, including $455 million worth of HOOD shares, despite his lawyers\u2019 fight to keep them. Prosecutors believe those shares were purchased using former FTX customers\u2019 stolen money.<\/li>\n<li>Robinhood\u2019s average purchase price per share was $10.96 \u2013 below the market\u2019s current trading value of $11.18.<\/li>\n<\/ul>\n<div class=\"code-block code-block-12\" style=\"margin: 8px 0;clear: both\">\n<div><span style=\"font-size:11px;color: gray\">SPECIAL OFFER (Sponsored)<\/span><br \/>\n<b>Binance Free $100 (Exclusive): <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/binancebanner\" data-wpel-link=\"internal\">Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/buy-bitcoin-5-easy-steps\/\" data-wpel-link=\"internal\">terms<\/a>).<\/p>\n<p><b>PrimeXBT Special Offer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/primexbt2\" data-wpel-link=\"internal\">Use this link<\/a> to register &amp; enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crypto and stock trading platform Robinhood (HOOD) has executed a nine-figure buyback of its own shares from FTX\u2019s former executives, including disgraced boss Sam Bankman-Fried and his fellow co-founder Gary Wang. The purchase secured 55,273,469 HOOD shares worth $605.7 million. Robinhood entered into the purchase agreement with the United States Marshal Service (USMS) on August [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":148603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-148602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=148602"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148602\/revisions"}],"predecessor-version":[{"id":148605,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148602\/revisions\/148605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/148603"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=148602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=148602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=148602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}