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Markets: 112748
Market Cap: $2,211,021,919,992     
24h Vol: $70,648,309,957
Seeking Alpha 2022-12-28 13:53:50

FTX co-founders borrowed $546M from Alameda to buy Robinhood stake

FTX co-founders borrowed $546M from Alameda to buy Robinhood stake
FTX co-founders Sam Bankman-Fried and Gary Wang together borrowed more than $546M from Alameda Research, their hedge fund, to buy a 7.6% stake in Robinhood Markets ( NASDAQ: HOOD ), CoinDesk reported , citing court documents. The affidavit that was submitted to a Caribbean court before Bankman-Fried's arrest stated that he and Wang used the money to fund Emergent Fidelity Technologies, a shell company that bought the HOOD stake in May 2022. The disclosure complicates the dispute over the shares' ownership, an asset that could be valued at more than $440M. Crypto lender BlockFi, which filed for Chapter 11 on Nov. 24, sued Bankman-Fried for the Robinhood ( HOOD ) shares, because it said the shares were pledged to BlockFi as collateral. Meanwhile, FTX also lays claim to the shares. Last week, FTX's new management said they identified more than $1B in assets, but they're struggling to track down the firm's assets due to poor records and bookkeeping .
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