Tag Archives: robinhood

The latest company in relation to the disgraced FTX founder to file for bankruptcy is the holding firm owned by him and Gary Wang – Emergent Fidelity Technologies. It’s headquartered in Antigua and Barbuda and reportedly had just $20 million in cash and no other assets. The filings for Chapter 11 were submitted late on Friday in the United States Bankruptcy Court for the District of Delaware. According to Bloomberg, the company, co-founded by Sam Bankman-Fried and Gary Wang,...

Sam Bankman-Fried (SBF) and his former right-hand, Gary Wang, are unable to retain ownership of almost half a billion dollars worth of Robinhood shares, according to a court document dated January 6th.The US Department of Justice (DOJ) has seized the executives’ holdings in response to charges of wide-ranging fraud against Bankman-Fried and FTX, with which the equity investments may be involved.  No More Robinhood Shares The document, filed in a New Jersey bankruptcy court,...

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FXT founder and former CEO Sam Bankman-Fried (SBF) borrowed over $546 million from his trading house, Alameda Research, to purchase a 7.6% stake in Robinhood earlier this year. According to an affidavit filed in the High Court of Justice Antigua and Barbuda on December 12 before the arrest of SBF, the former billionaire teamed up with FTX co-founder Zixiao (Gary) Wang to borrow the funds. They were used to support Emergent Fidelity Technologies, another FTX affiliate, to...

Sam Bankman-Fried’s bankrupt cryptocurrency exchange FTX is seeking help from a United States Bankruptcy Court to gain control of $450 million worth of Robinhood shares. The portfolio holds 56 million brokerage shares owned by Emergent Fidelity Technologies, a corporate entity incorporated in Antigua and Barbuda. In March, these shares represented a 7.6% stake in Robinhood and were acquired by FTX’s founder and former CEO, Sam Bankman-Fried (SBF). FTX in Court Battle Over...

Citi downgraded Robinhood Markets (HOOD) stock to ‘Neutral’ from ‘Buy’ due to potential risks from upcoming market structure proposals by the United States SEC, a cautious equity market outlook, and the impact of bankrupt-platform FTX spilling over the crypto trading revenue and client base. The analyst stated that the timing of that is “uncertain.” It is also important to note that the implosion has removed it from the list of possible Robinhood acquirers. Citi analysts...

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As the valuation of cryptocurrencies wanes across the board, so do the revenues of platforms dealing with them. Although primarily a stock trading platform, Robinhood added crypto to its portfolio back in early 2022. At the time, over 1.2 million people were on the waiting list to get a piece of the digital asset pie. Unfortunately, the crypto market took a tumble shortly after – and the company’s revenues did too. Stocks Are Up, Crypto Is Down According to Robinhood’s...