The Estate of Bankrupt Crypto Exchange FTX Sells $884 Million Stake in AI Company
The estate of a bankrupt crypto exchange, FTX, is selling two-thirds of its stake in AI company Anthropic for $884 million, as revealed in court documents. Here’s what you need to know:
Key Details of the Sale
- The estate plans to sell 29.5 million shares to 24 buyers
- Abu Dhabi-based ATIC Third International Investment is purchasing $500 million worth of shares
- Jane Street is buying $100 million worth of shares
- Funds managed by Fidelity are spending $50 million on shares
- The sales are subject to court approval
Background of FTX’s Founder
FTX’s founder, Sam Bankman-Fried, graduated from MIT in 2014 and worked as a trader at Jane Street for three years.
Reason for Selling Anthropic Shares
- Three years ago, FTX acquired shares in Anthropic for $500 million
- The 8% stake in Anthropic is now valued at more than $1 billion
- The sale of Anthropic shares is part of FTX’s bankruptcy proceedings
- Funds from the sale will be used to reimburse clients who lost money due to the exchange’s bankruptcy
Ruling Out Specific Investors
FTX decided not to sell to investors from Saudi Arabia, as reported by CNBC, citing anonymous sources.
Hot Take: FTX Estate Sells Majority Stake in AI Company for $884 Million
The estate of bankrupt crypto exchange FTX has sold two-thirds of its stake in AI company Anthropic for $884 million. Details of the sale, including buyers and the purpose of the sale, have been outlined. This move signifies a significant development in the bankruptcy proceedings of FTX, with potential implications for the future of both companies involved.
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