Bankman-Fried Wants $450 Million Robinhood Stake for Legal Bills
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Sam Bankman-Fried is trying to persuade a US court that he should be able to access Robinhood shares worth around $450 million to help pay for his legal fees.
Lawyers for the former CEO of bankrupt exchange FTX argued in a Delaware court filing on Thursday that the 56.3 million Robinhood shares should be returned to Bankman-Fried because the company that owns them, Emergent Fidelity Technology Ltd, is not part of the bankruptcy estate. Bankman-Fried owns 90% of Emergent. He and former FTX chief technology officer Gary Wang allegedly borrowed $546 million from Alameda Research to buy the Robinhood shares, according to court filings. Robinhood’s shares closed at $8.11 on Thursday, giving the stake a value of $456 million.