FTX seeks court order to halt $448m Robinhood share sale

FTX, a cryptocurrency exchange, has filed a motion in a New York court requesting a stay on the sale of Robinhood shares worth $448m.

According to FTX, the sale of these shares, which were issued to Robinhood as part of a settlement with the Securities and Exchange Commission (SEC), would unfairly benefit the company at the expense of its shareholders. FTX argues that the sale would dilute the value of existing shares and could potentially lead to financial instability for the company.

FTX has also raised concerns about the transparency of the sale, stating that Robinhood has not provided sufficient information about the buyers or the terms of the deal.

This move comes after Robinhood faced backlash and legal action last year over its handling of the GameStop trading frenzy, in which the company faced accusations of restricting the buying and selling of certain stocks.

The court has yet to make a decision on FTX’s request. If granted, the stay would halt the sale of the shares until the court can further evaluate the matter.

It remains to be seen how this development will impact Robinhood and its ongoing efforts to recover from the GameStop incident. In the meantime, FTX has vowed to continue fighting for the rights of its shareholders and for greater transparency in the financial market.

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