Bankrupt FTX Rakes in $1.3 Billion by Selling AI Startup Anthropic Shares
FTX Sells Remaining Stake in AI Startup Anthropic Amid Bankruptcy Proceedings!
The collapsed cryptocurrency exchange FTX has sold its remaining shares in the artificial intelligence startup Anthropic, raising $450 million in the latest sale. According to court documents, FTX offloaded more than 15 million shares at a price of around $30 per share.
The primary buyer of these securities was the venture capital firm G Squared, which acquired a third of the total assets for $135 million. The remaining shares were distributed among more than 20 different companies.
In total, FTX generated approximately $1.3 billion from the sale of all its Anthropic securities. Considering the initial investment of $500 million in the startup, the embattled exchange recorded a profit of $800 million from its stake in Anthropic.
The sale of Anthropic shares was approved by the court in February 2024, and FTX sold the first batch of securities a month later. The exchange’s total shareholding in the AI startup amounted to 7.8%.
Observers believe that the divestment of Anthropic shares is linked to the mounting costs associated with FTX’s bankruptcy proceedings. According to an injured investor known as Mr. Purple, FTX has paid $672.5 million in fees to lawyers, consultants, and new management since its collapse in November 2022.
Notably, creditors have filed a class-action lawsuit against the law firm Sullivan and Cromwell, which is overseeing FTX’s bankruptcy. The clients allege that the lawyers were involved in fraudulent schemes at FTX and were aware of the exchange’s illegal operations.
In a separate development, the former head of FTX Digital Markets, Ryan Salame, was sentenced to 7.5 years in prison for his role in the company’s downfall.
FTX’s bankruptcy saga continues to unfold, with the sale of its Anthropic stake being the latest move to raise funds and navigate the complex legal and financial challenges it faces.
