FTX sells remaining Anthropic stock as bankruptcy costs exceed $500 million.
The FTX bankruptcy continues, with the trial of FTX founder Sam Bankman-Fried over and an appeal pending.
In the latest update on FTX’s assets, led by CEO John Ray III, FTX sold its remaining shares in Anthropic, the AI startup behind chatbot Claude, according to the company’s latest bankruptcy filing.
FTX sold the remaining 15 million shares for about $30 per share, generating more than $450 million in profit. This brings FTX from its original investment of $500 million in the company to approximately $1.3 billion and revenue of approximately $800 million. The price per share for this second sale was the same as the first sale last March.
The top buyer in this round, global venture capital fund G Squared, purchased 4.5 million shares, or about a third of the remaining shares, for $135 million. Venture capital funds also made up the majority of the other 20 buyers of Anthropic stock.
Inflating bankruptcy costs
The Block reported that legal and administrative costs from the FTX bankruptcy exceeded $500 million, according to a recent bankruptcy filing.
FTX creditors say Sullivan and Cromwell, the leading law firm handling FTX’s bankruptcy, were also among the firms that represented FTX before the bankruptcy, and that an independent investigator and class action lawsuit were appointed due to potential conflicts of interest. I complained. ACTION LITIGATION. A New York Times analysis last year found that law firms were charging hundreds of millions of dollars in fees for cryptocurrency company bankruptcies.
FTX CEO John Ray has billed the estate $5.6 million since the case began, based on a $1,300 per hour rate. The estate plans to repay 98% of its creditors. At least 118% of the allowed claims, measured in dollar value at the time the exchange filed for bankruptcy.
Update: Bankruptcy costs have been updated based on approved fees.
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