Robinhood announced Wednesday it plans to buy back shares from Sam Bankman-Fried's Emergent Fidelity Technologies, the stock trading company announced Wednesday.
announced Wednesday it plans to buy back shares from Sam Bankman-Fried's Emergent Fidelity Technologies, the stock trading company announced Wednesday.Driving the news:
Robinhood's board has authorized the purchase of "most or all" of the 55 million shares Emergent Fidelity Technologies acquired last year, it said in its earnings report Wednesday.Creditors, including BlockFi and Bankman-Fried, all claim to be owed the Robinhood shares, while the stake itself is currently in the hands of the U.S. government.Of note
: The stake in Robinhood was bought by Bankman-Fried when shares were trading around $11.50 a share. Shares were trading around $10.80 in aftermarket trading Wednesday."Since there is limited precedent for this type of situation, we cannot predict when, or if, the share purchase will take place," the: Robinhood will be going through a lot more trouble to buy back the stake than Bankman-Fried did to acquire it.
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