Robinhood to Buy Back $605.7M in Stock from FTX Founder; Court Approves Deal!
Robinhood, the online brokerage company, has been approved by the US District Court in New York to buy back $605.7 million worth of shares owned by FTX founder Sam Bankman-Fried. The approval comes after a legal battle between the two companies over Robinhood’s decision to restrict trading in certain stocks, including GameStop, in early 2021. As part of the settlement, Bankman-Fried agreed to sell his shares back to Robinhood at a price determined by an independent valuation. The buyback is expected to be completed in the coming weeks.