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FTX Secures $884 Million to Sell Artificial Intelligence (AI) Startup


FTX has announced agreements totaling $884 million to sell a substantial portion of its shares in the AI startup Anthropic.

This startup, supported by tech giants such as Amazon.com and Google, represents a significant part of FTX’s asset portfolio aimed at repaying creditors.

FTX Lands $884 Million Deal

According to a recent court filing with the US Bankruptcy Court in Wilmington, Delaware, the major chunk of this investment, nearly $500 million, will be acquired by ATIC Third International Investment. This is a subsidiary of the UAE’s sovereign fund Mubadala.

The rest of the shares are distributed among several key players in the financial and tech industries. These include Jane Street Global Trading and entities associated with Fidelity Investments.

The move to sell approximately two-thirds of its Anthropic shares could significantly impact FTX’s efforts to repay creditors. The company acquired a 7.8% stake in the AI startup with a $500 million investment in 2021. FTX’s strategic investment in Anthropic notably paid off.

“Given the increased interest in AI and large language models, there has been significant appreciation in the value of the Anthropic shares,” FTX said.

This sale reflects FTX’s commitment to its recovery plan, aiming to repay customers in full. With $6.4 billion in cash reserves as of late February, up from over $5 billion early last year, FTX is navigating its bankruptcy proceedings with an emphasis on asset liquidity and creditor repayment.

Top crypto platforms | March 2024

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Conclusion

In conclusion, FTX has made a strategic decision to sell a substantial portion of its shares in the AI startup Anthropic for $884 million. This move is aimed at repaying creditors, with a significant portion of the investment being acquired by ATIC Third International Investment, a subsidiary of the UAE’s sovereign fund Mubadala. Other key players in the financial and tech industries are also involved in purchasing the remaining shares. This sale reflects FTX’s commitment to its recovery plan and its efforts to repay customers in full. With a solid cash reserve and a focus on asset liquidity, FTX is navigating its bankruptcy proceedings with a strong emphasis on creditor repayment.

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