Robinhood Repurchases Bankman-Fried's Stake for $605.7 Million from U.S. Government

Robinhood has entered into a share repurchase agreement with the U.S. Marshal Service to buy back stock from Sam Bankman-Fried's Emergent Fidelity Technologies for $605.7 million. The shares were seized and transferred to the U.S. government after Bankman-Fried's FTX and Emergent filed for bankruptcy protection. The sale of 55.3 million shares at $10.96 apiece has been approved by the U.S. District Court for the Southern District of New York. Robinhood's shares rose 2% in premarket trading following the announcement.