Robinhood Intends To Repurchase Bankman-7% Fried’s Share

Robinhood’s board approved the purchase of FTX founder Sam Bankman-7% Fried’s share in the stock trading app.

Last May, Emergent Fidelity Technologies, of whom Bankman-Fried is the only director, acquired a 7.6% share in Robinhood valued $580 million.

As the firm reported fourth quarter results, Jason Warnick, CFO, Robinhood, told CNBC:

“The board has authorized us to go and repurchase those and so we’re in discussions with the DOJ on that. Hard to tell exactly what the timeline is going to be.”

Bankman-Fried faces eight criminal accusations for the collapse of FTX, his cryptocurrency exchange. Defendant.

On Wednesday, Robinhood shares rose almost five percent after-hours.

The fourth quarter net loss of $166 million on $380 million revenues below estimates. “Processing mistake” cost several million dollars and lost bosses big incentives.