Robinhood Shares Worth Nearly $500M Seized in FTX Case

The Robinhood shares were in principle owned by FTX co-founders Bankman-Fried and Gary Wang through their Emergent Fidelity Technologies holding company. FTX, now run by John Ray III, had asked a judge late last month to freeze the stock. Bankman-Fried naturally opposed the move, saying, in part, he needed the shares to help pay his legal fees.