FTX gets approval to sell stake in artificial intelligence startup Anthropic
Bankrupt cryptocurrency exchange FTX was approved by a US judge to sell its stake in artificial intelligence startup Anthropic. Bankruptcy judge John Dorsey in Wilmington, Delaware approved FTX's proposal to sell the stake, following a compromise reached in court between FTX and a group of customers opposing the sale. FTX invested $500 million in Anthropic in 2021 and currently holds 7.84% of the company. The company seeks to sell the stake as part of its efforts to liquidate assets and repay customers who lost access to their accounts when the company collapsed in 2022. FTX lawyer Andy Dietderich said at a Thursday court hearing that FTX plans to sell its Anthropic stake profitably and will retain flexibility to sell at the "best and appropriate time." Anthropic's stake has significantly appreciated since FTX's acquisition and investment in 2021 due to increased interest in artificial intelligence and large language models. FTX expects to fully repay all customers, although the repayment amount will be based on cryptocurrency prices at FTX's November 2022 bankruptcy filing, not the current higher value of crypto assets. FTX founder Sam Bankman-Fried was convicted of stealing billions of dollars from customers and is expected to appeal his conviction on March 28th.
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