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Robinhood Wants to Buy Its Shares Back From Sam Bankman-Fried

Robinhood Markets said Wednesday that it would try to buy back shares purchased by former FTX CEO Sam Bankman-Fried, as his 7.6% stake in the company remains a contested factor in both Bankman-Fried’s criminal case and the defunct exchange’s bankruptcy.

The purchase would remove a distraction for shareholders, company CEO Vlad Tenev said on an earnings call with investors and analysts. He added that the purchase of roughly 55 million shares had already been approved by the company’s board of directors.

Shares of Robinhood popped following the announcement, up over 5% to around $11 in after-hours trading. While the company is working with the Department of Justice, Robinhood did not put forth a timeline for when the purchase may be complete, 

Robinhood Sam Bankman-Fried
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