Robinhood Plans Buyback of Sam Bankman-Fried’s Contested Stock
- Sam Bankman-Fried acquired more than 7% of the firm last year
- Founders Tenev, Bhatt nix almost $500 million of stock awards
Sam Bankman-Fried
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
Robinhood Markets Inc. said it’s looking to repurchase shares previously controlled by Sam Bankman-Fried and canceled almost $500 million of stock-based compensation for its co-founders.
The online brokerage also reported a wider-than-expected loss for the fourth quarter as customers cut back on trading, according to a statement Wednesday.