Robinhood’s board approved a plan to buy back $578 million in the company, which former FTX CEO Sam Bankman-Fried and FTX founder Gary Wang bought last year.
Robinhood confirmed in its fourth quarter report on February 8 that it had received board approval for the investment purchase.
In May, FTX founders through Emergent Fidelity Technologies bought 55 million Robinhood shares — $578 million at current prices
On January 9, the US Department of Justice (DOJ) seized 55 million shares, equivalent to about 7 per cent of the company.
“The proposed share purchase underscores the confidence the Board of Directors and management team have in our business.” Stated the company.