FTX authorized to sell Anthropic AI stake

In a Thursday ruling, U.S. Federal Judge John Dorsey allowed bankrupt cryptocurrency exchange FTX to liquidate its Anthropic shares.

Court filings show that FTX invested $500 million in Anthropic in 2021 and holds 7.84% of the firm. The Delaware judge allowed FTX’s share sale after the bankrupt exchange negotiated a settlement with a group of clients who opposed it.

What is Anthropic

The excitement around AI startups is immense. Daniela and Dario Amodei, former OpenAI employees, established Anthropic, which may IPO soon.

As of August 2023, Anthropic had raised $1.6 billion, like OpenAI. Claude 2, its ChatGPT counterpart, was released recently. MarketBeat reports that the Claude 2 chatbot is a generative text tool trained on internet data and human interaction.

“Claude Instant,” a speedier and cheaper business model with constitutional AI to decrease brand risk, is also available.

Anthropic Valuation at $18.4 Billion

Anthropic is seeking $750 million from Menlo Ventures in December. This fundraising round would value Anthropic at $18.4 billion, or 4.5 times its $4.1 billion valuation earlier this year.

FTX expects to have enough assets to repay all customer and creditor claims, giving sufferers optimism.

FTX Debtor’s estate, led by CEO John Ray III, began selling DCI to CoinList on February 11. According to Ruholamin Haqshanas of Cryptonews, FTX acquired the subsidiary twice, in December 2021 and August 2022, for $10 million.

As creditors demand $8 billion from now-defunct cryptocurrency exchange FTX, a legal battle might last years. Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog, said the November case is more complicated and time-consuming than past crypto bankruptcies because several parties fight over the remaining assets.

As part of its bankruptcy, FTX has been trying to sell some of its companies and repay all its creditors.

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