The remaining 15 million FTX shares in Anthropic have been sold for $450 million, with the aim of optimizing creditor repayment.
FTX’s bankruptcy has incurred over $700 million in fees, with concerns over potential conflicts of interest involving the law firm Sullivan and Cromwell.
FTX’s Exit from Anthropic Signals Strategic Financial Moves
FTX Successfully Sells Anthropic Shares for $450 Million
Under the leadership of CEO John Ray III, FTX Estate has finalized the sale of the remaining 15 million FTX shares in Anthropic at $30 per share, generating a total of $450 million. This transaction brings the total proceeds from FTX’s initial $500 million investment in Anthropic to nearly $1.3 billion, resulting in profits exceeding $800 million.
G Squared, a global venture capital fund, emerged as the largest purchaser, acquiring 4.5 million shares for $135 million, while the remaining shares were predominantly sold to other venture capital funds. Notably, this sale mirrors a previous transaction in March where shares were also sold at $30 per share.
This divestment of FTX shares in Anthropic aligns with the estate’s strategy to maximize creditor repayment. Approved by the US District Court for the District of Delaware’s Supreme Bankruptcy Court swiftly, the sale aims to facilitate expedited payments to creditors while ensuring equitable outcomes for all involved parties.
FTX Commits to Full Creditor Repayment Through $16.3 Billion Fund
The financial implications of FTX’s bankruptcy have resulted in over $700 million in legal and administrative fees, meticulously monitored by creditor Mr. Purple. Notably, concerns regarding potential conflicts of interest have been raised concerning Sullivan & Cromwell, the primary legal firm managing the bankruptcy, due to their prior association with FTX. This scrutiny has prompted calls for independent examination and legal action.
Despite these challenges, FTX has successfully amassed $16.3 billion in cash reserves for distribution, surpassing the $11 billion owed to its diverse creditor base, which includes approximately two million customers. With plans to exceed 118% of allowed claims repayment, FTX is setting a new standard in US bankruptcy proceedings.
CEO John Ray III has billed the estate $5.6 million for his services at a rate of $1,300 per hour, demonstrating a resolute commitment to repaying creditors promptly and efficiently.
