![]() Notably, the DOJ seized his stake in Robinhood.ĭOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried #thegloryhodl #alphazero #flightsquare #gloryhodlarchive #llamalibrary Department of Justice (DOJ), it was revealed that Bankman-Fried held 55,273,469 HOOD shares. To this end, the firm was liaising with the Department of Justice but said, “There is no guarantee when or if the plan will happen.” Notably, the 55 million shares are at the center of a tussle between Bankman-Fried and a group of international and domestic organizations, among them crypto lender BlockFi. Reportedly, the shares amount to over 7% stake. Robinhood is working with the DOJ on the plan, but can't guarantee when or if it will happen.Īccording to Robinhood, the company’s board has approved a strategy to repurchase all or most of the 55 million shares a holding company bought for former FTX CEO Sam Bankman-Fried in May 2022. JUST IN: Robinhood has agreed to repurchase Sam Bankman-Fried's $579M stake. It also canceled around $500 million of its share-based compensation. The company has also revealed its board’s move to approve the purchase of all or most of the 55 million shares bought by holding firm Emergent Fidelity Technologies for former FTX CEO Sam Bankman-Fried in May last year. Robinhood To Buy Back Shares From Bankman-Fried So far, the stock price is now up approximately 30% but remains 20% down year-to-date. Robinhood’s Wednesday after-hours trading saw the firm’s stock surge in value by almost 3% to $10.80. Data from FactSet shows that while analysts speculated that Robinhood would lose 15 cents for every share in Q4, the firm lost 19 cents for every share after they had adjusted for non-recurring costs on $380 million revenue. Find information on our performance at įollowing the September 2022 testing version of Robinhood’s Polygon-based Web3 wallet, the Robinhood crypto wallet was made accessible to over one million consumers who had been put on the waitlist. ![]() We just announced our financial results for the fourth quarter. The crypto firm recorded a trading revenue of $39 million in Q4/2022, a 24% drop from Q3’s $51 million, according to a recent report. ![]() Join Our Telegram channel to stay up to date on breaking news coverageĬrypto trading platform Robinhood has recorded a big dip in its revenues in the last quarter of 2022.
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