Robinhood board approves plan to buy back Sam Bankman-Fried’s $578 million stake

(CNBC) The board of directors of Robinhood has approved a plan to buy up to 55 million shares bought by Sam Bankman-Fried last year. The ex-CEO of the now bankrupt crypto exchange FTX originally purchased his stake in May 2022 through Emergent Fidelity Technologies. The retail brokerage is working with the Department of Justice, which seized the shares in January, to facilitate the move.

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