FTX Granted Permission to Sell Shares in AI Startup Anthropic
Bankrupt cryptocurrency exchange FTX has received approval from U.S. Federal Judge John Dorsey to sell its shares in the artificial intelligence firm Anthropic. FTX had invested $500 million in Anthropic in 2021 and holds a 7.84% stake in the company. The court approved the sale after FTX reached a compromise with a group of customers who had opposed the sale.
What is Anthropic?
Anthropic is an artificial intelligence startup founded by Daniela and Dario Amodei, former employees of OpenAI. The company has raised $1.6 billion in funding and recently released its competitor to ChatGPT, called Claude 2. Anthropic also offers a faster and cheaper model for businesses called “Claude Instant,” which features constitutional AI designed to reduce brand risk.
Anthropic Valuation at $18.4 Billion
In December, Anthropic was in talks to raise $750 million in funding, which would value the company at $18.4 billion. This valuation has given hope to victims of the FTX collapse, as it suggests that FTX may have enough funds to repay all customer and creditor claims.
FTX’s Ongoing Bankruptcy Process
The bankruptcy case involving FTX is expected to be complex and time-consuming, as multiple parties are fighting over the remaining assets. FTX has expressed its intention to repay all creditors and has been actively seeking to divest some of its subsidiaries as part of the process.
Hot Take: FTX’s Path to Recovery
The approval for FTX to sell its shares in Anthropic is a positive step towards the exchange’s recovery. By divesting its stake in the AI startup, FTX can generate funds to repay its creditors and fulfill its commitment to customers. The valuation of Anthropic also provides hope for the victims of the FTX collapse, as it suggests that there may be enough resources available to compensate them fully. As FTX navigates through its ongoing bankruptcy process, it remains determined to resolve the situation and emerge stronger.
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