Robinhood wants to buy back shares from former FTX CEO Sam Bankman-Fried.  SBF has a 7.6% stake in the company, and the board has approved the purchase of 55 million shares. Robinhood shares rose 5% to $11 following the announcement.  There is no timeline set for when the buyback will occur. "Since there isn't much precedent for situations like these, I can't predict how long this will take," said CEO Vlad Tenev.  Bankman-Fried and FTX co-founder Gary Wang purchased the shares in Robinhood last May through a holding company called Emergent Fidelity Technologies.  Wang and Bankman-Fried had taken loans totaling $546M from Alameda Research — Bankman-Fried's trading firm — to purchase the shares. The U.S. Justice Department took these shares into custody last month, worth around $450M.