Although Smaug is gone, greed reigns. Who does Bilbo give the Arkenstone to so they can negotiate for their promised treasure?
Answer Thranduil and Bard
Both Thranduil and Bard are trying to negotiate for their share of the treasure from the Dwarf king Thrór and Thorin. Greed sets in, and it's a no-go. Thinking the Arkenstone can be used as leverage, Bilbo gives it to Thranduil and Bard to aid the negotiation.
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