Emergent Fidelity, 90%-Owned by SBF, Files for Chapter 11 Bankruptcy

Sam Bankman-Fried and his FTX co-founder Gary Wang’s Emergent Fidelity Technologies filed for Chapter 11 bankruptcy protection, Bloomberg reported. Emergent Fidelity owns 55 million Robinhood shares, and who should get it after FTX Group collapses is the reason for its bankruptcy filing. Emergent Fidelity also holds $20.7 million in cash, SBF owns 90 percent of Emergent Fidelity but no longer controls it, and Gary Wang owns 10 percent, according to court documents. Foresight News previously reported that the U.S. Department of Justice seized more than 55 million Robinhood shares held by Emergent Fidelity Technologies, according to court documents.