{"id":55773,"date":"2023-09-01T12:08:54","date_gmt":"2023-09-01T16:08:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/robinhood-jumps-after-buying-back-stock-once-owned-by-ftxs-sam-bankman-fried\/"},"modified":"2023-09-01T12:08:57","modified_gmt":"2023-09-01T16:08:57","slug":"robinhood-jumps-after-buying-back-stock-once-owned-by-ftxs-sam-bankman-fried","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55773","title":{"rendered":"Robinhood Jumps After Buying Back Stock Once Owned by FTX\u2019s Sam Bankman-Fried"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000734546\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Robinhood Markets<br \/>\n       has cleared an overhang for its stock after buying back shares in the company once owned by Sam Bankman-Fried, the former CEO of collapsed cryptocurrency exchange FTX who faces a litany of criminal charges.<\/p>\n<p>\n        Robinhood<br \/>\n       (ticker: HOOD) stock rose 3.2% in premarket trading on Friday after the retail-focused broker detailed in a filing that it had on Thursday completed a share purchase agreement with the U.S. Marshall Service. Robinhood said it had bought more than 55 million shares of its own stock from the agency for some $605 million.<\/p>\n<div class=\"paywall\">\n<p>The ownership stake\u2014a sizable chunk of the company, which has a market capitalization just shy of $10 billion\u2014was once owned by entities controlled by Bankman-Fried. The future of the shares, including whether or not they would be sold as part of FTX\u2019s bankruptcy process, had been an overhang on Robinhood stock.<\/p>\n<p>Bankman-Fried bought a 7.5% stake in Robinhood in May 2022, when his empire was intact and he was still seen as the industry\u2019s golden boy and even a potential majority owner of Robinhood. Six months later, FTX\u2014once valued at $32 billion\u2014plunged into bankruptcy, with billions of dollars in customer funds missing and Bankman-Fried arrested on charges of fraud. He has pleaded not guilty.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/robinhood-jumps-stock-ftx-sam-bankman-fried-647bcb9f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Robinhood Markets has cleared an overhang for its stock after buying back shares in the company once owned by Sam Bankman-Fried, the former CEO of collapsed cryptocurrency exchange FTX who faces a litany of criminal charges. Robinhood (ticker: HOOD) stock rose 3.2% in premarket trading on Friday after the retail-focused broker detailed in a filing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55773","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Robinhood Jumps After Buying Back Stock Once Owned by FTX\u2019s Sam Bankman-Fried | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Robinhood Markets has cleared an overhang for its stock after buying back shares in the company once owned by Sam Bankman-Fried, the former CEO of\" \/>\n<meta name=\"robots\" content=\"index, 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