Robinhood Markets Inc. plans to buy back most or all of the remaining shares a company controlled by Sam Bankman-Fried purchased from it last May, in a move that could cost the online brokerage more than $575 million.
Robinhood announced the plan to repurchase the 55 million shares, which amount to about a 7% stake in the online brokerage, as part of itsWednesday. In its report, the Menlo Park portrayed its move as a sign of the confidence its executives and board have in its business. But it offered a word of caution about the plan.
The shares at issue were purchased by Emergent Fidelity Technologies Ltd., a company controlled by Bankman-Fried and Gary Wang, an FTX co-founder. Bankman-Fried and Wang borrowed some $546 million from Alameda to purchase 56.2 shares of Robinhood's stock, they said in a court filing in December. Alamedaand pledged the same shares as collateral for a loan it took out from cryptocurrency lender BlockFi Inc., which is now also in bankruptcy.
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