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The ex-CEO originally purchased his stake in May 2022 through Emergent Fidelity Technologies, which was controlled by both Bankman-Fried and fellow FTX co-founder Gary Wang. Both Wang and Bankman-Fried took out loans directly from Alameda Research to fund the acquisition, according to court filings. The shares are also at the heart of a contentious court battle between FTX, Bankman-Fried, crypto lender BlockFi and a set of international entities.
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“Our board authorized us to buy the shares of Robinhood that were originally acquired by Emergent Fidelity Technologies, that FTX subsidiary,” Robinhood Chief Financial Officer Jason Warnick told CNBC.
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