FTX Sells Off AI Startup Shares for $450M Amid $700M Bankruptcy Cost

Published 02/06/2024, 16:01
Updated 02/06/2024, 16:45
© Reuters.  FTX Sells Off AI Startup Shares for $450M Amid $700M Bankruptcy Cost

Coin Edition -

  • The FTX liquidates the final 15M Anthropic shares at $450 million.
  • FTX’s total earnings from Anthropic shares now hit $1.3B with $800M profit.
  • FTX’s bankruptcy legal and administrative fees reportedly exceed $700M.

The FTX bankruptcy estate, led by CEO John Ray III, has divested its remaining stake in the AI startup Anthropic, the creators of the chatbot Claude. The latest bankruptcy filings reveal that FTX sold its final 15 million shares for $30 each, amassing over $450 million from the sale.

This transaction marks a substantial return on FTX’s initial $500 million investment in Anthropic. Total earnings now reach approximately $1.3 billion, resulting in a $800 million profit. Notably, the share price remained consistent with the first sale conducted in March.

In this latest round of sales, the primary purchaser was the global venture capital fund G Squared, which acquired around one-third of the shares on offer, amounting to 4.5 million shares for $135 million. Venture capital funds also represented most of the other 20 purchasers of Anthropic shares.

Meanwhile, the FTX bankruptcy continues to be costly, with legal and administrative fees now exceeding $700 million, as reported by bankruptcy specialist Mr. Purple.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.