FTX Estate Sells Remaining Shares in Anthropic

The FTX estate, under the leadership of CEO John Ray III, has divested its remaining shares in Anthropic, an AI startup renowned for developing the chatbot Claude.

FTX's recent bankruptcy filings reveal that the company generated approximately $450 million in revenue by selling the remaining 15 million shares at a rate of about $30 per share.

This transaction has bolstered FTX's overall return on their initial $500 million investment in Anthropic to an impressive $1.3 billion, translating to a profit of around $800 million. Notably, the selling price per share in this recent divestment matched that of the prior sale conducted back in March.

During this divestment round, G Squared, a prominent global venture capital fund, emerged as the largest purchaser, acquiring approximately 4.5 million shares for $135 million – nearly one-third of the remaining shares. The other investors who purchased Anthropic shares predominantly comprised venture capital funds.

As per records maintained by creditor Mr. Purple, the expenses related to FTX's bankruptcy have surpassed $700 million, encompassing legal fees and administrative costs up to the latest bankruptcy filings.

Concerns have been raised by FTX creditors regarding potential conflicts of interest surrounding Sullivan and Cromwell, the legal firm overseeing FTX's bankruptcy proceedings. Prior to the bankruptcy filing, the firm had represented FTX, prompting calls for an independent examiner and a class-action lawsuit.

Throughout the ongoing dispute, FTX CEO John Ray has invoiced the estate for $5.6 million, calculated at an hourly rate of $1,300. The estate aims to reimburse a minimum of 118% of the approved claims in monetary terms as of the bankruptcy filing date to 98% of its creditors.