Robinhood reported Q4 results that missed expectations, but the company's co-founders said they canceled nearly $500 million in share-based compensation.
Robinhood Markets Inc. on Wednesday said its board had cleared the company to pursue shares owned by Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX that collapsed last year.
Bankman-Fried has a stake of more than 7% in Robinhood HOOD , more than 50 million shares, through Emergent Fidelity Technologies. Analysts have raised questions about the timing of the liquidation of that stake, as Bankman-Fried contends with a variety of fraud charges following the FTX’s implosion.
The stock and crypto-trading platform reported a fourth-quarter net loss of $166 million, or 19 cents a share, compared with a loss of $423 million, or 49 cents a share, in the same quarter a year earlier. Revenue rose 5% to $380 million, compared with $363 million in the prior-year quarter.
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