Robinhood Jumps After Buying Back Stock Once Owned by FTX’s Sam Bankman-Fried
Robinhood's stock soars after repurchasing shares previously owned by Sam Bankman-Fried, the former CEO of FTX who is facing criminal charges.
Topics
Posted 9/1/2023, 1:43:00 PM
barrons.com
Relevant topic timeline:
Sam Bankman-Fried, the founder of FTX, pleaded not guilty to fraud and money laundering charges related to the collapse of his cryptocurrency empire, with the new indictment accusing him of misusing customer funds for personal purposes.
Robinhood has ended its business relationship with market-maker Jump Trading as the firm faces increased regulatory scrutiny and is reportedly backing away from the US market.
Robinhood has entered into a $605.7 million share repurchase agreement with the United States Marshal Service to buy back stock from Sam Bankman-Fried's Emergent Fidelity Technologies.