Robinhood’s board of directors authorized the company to pursue purchasing most or all of the 55 million shares that Emergent Fidelity Technologies bought in May 2022, Robinhood said in its fourth-quarter earnings report.
Emergent Fidelity Technologies is the holding company controlled by former FTX executives Sam Bankman-Fried and Gary Wang. Last month, the U.S. Department of Justice seized those shares of Robinhood stock, worth nearly $500 million at the time.
The ownership of the stock is in dispute as the fraud case against Bankman-Fried continues to unfold.
