As a crypto investor with some experience under my belt, I can’t help but feel a mix of emotions upon reading this news about FTX’s sale of their remaining shares in Anthropic. On one hand, I’m thrilled to see that the investment has yielded such a significant profit for the company, with an overall return of around $1.3 billion on a $500 million initial investment. This is a great example of how early investments in promising startups can pay off in the long run.
John Ray III, head of the FTX estate, has offloaded the last portions of their ownership in Anthropic – the innovative AI company responsible for developing the chatbot named Claude.
According to the latest bankruptcy filings from the company, FTX generated around $450 million in revenue by disposing of about 15 million shares, priced at around $30 each.
FTX’s $500 million seed investment in the business has yielded approximately $1.3 billion in total returns, generating a profit of around $800 million with the latest sale. The price per share for this transaction was identical to that of the previous deal from March.
At the recent funding round for Anthropic, G Squared, a renowned global venture capital firm, emerged as the biggest investor, purchasing approximately 4.5 million shares worth $135 million – which accounted for nearly one-third of the remaining stock. The other twenty investors involved in this deal were primarily venture capital funds.
Based on data from Mr. Purple’s monitoring, the expenses related to the FTX bankruptcy proceedings have surpassed $700 million for legal and administrative costs, according to the latest reports from the insolvent estate.
The law firm overseeing FTX’s bankruptcy proceedings, Sullivan and Cromwell, has raised red flags among FTX’s creditors due to potential conflicts of interest. Prior to declaring bankruptcy, this firm had represented FTX, resulting in calls for an impartial examiner and a class-action lawsuit.
Starting from the initiation of the conflict, John Ray, FTX CEO, has charged the estate a total of $5.6 million based on his hourly rate of $1,300. The estate aims to reimburse at least 118 cents on the dollar for approved claims, as valued in bankruptcy filings, to nearly all of its creditors (approximately 98%).
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2024-06-01 22:28