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TechCheck

FTX Wants to Sell Its Anthropic Stake 2/22/24

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.566 Ratings

🗓️ 22 February 2024

⏱️ 3 minutes

🧾️ Download transcript

Summary

Bankrupt cryptocurrency exchange FTX has filed a legal motion that would allow the company to sell its nearly 8% stake in one of the buzziest and highly-valued AI startups.

Transcript

Click on a timestamp to play from that location

0:00.0

Like a stake in one of the buzziest AI startups could soon become available because of get this an FTX bankruptcy hearing

0:07.7

Kate Rooney here with me at one market never ends.

0:10.8

It never ends. They're still they're still still sorting through the wreckage.

0:14.4

Exactly and part of that might benefit some of the tech investors who have really been

0:18.1

clamoring D to get a piece of these AI startups especiallyic, which is backed by Amazon and Google,

0:23.4

among others.

0:24.3

Collapse of crypto exchange FTX

0:26.4

might give them another shot

0:28.0

at getting a slice of that company.

0:29.4

8% of Anthropic is owned by the now bankrupt crypto exchange FTX.

0:33.8

That purchase was made by the former CEO of

0:36.6

FTX Sam Bankmanfried who was convicted of fraud, you

0:39.6

right remember, and conspiracy late last year.

0:41.5

He was illegally siphoning customer money to

0:43.8

invest in high-flying startups including Anthropic. Today a bankruptcy court in

0:48.3

Delaware will rule on whether that stake can actually be sold and then used to

0:52.3

pay back customers and creditors.

0:54.4

Anthropic was founded by two entrepreneurs who like Sam Bankman-Freed were part of this

0:57.8

movement called Effective Altruism, meaning they supported the idea of making as

1:01.8

much money as you can to give it all away.

1:03.7

Bankman- freed its criminal activity though did bring some negative attention to that idea.

1:07.8

Some of Anthropic's numbers in the court case are redacted, but FTX's stake based on Anthropic's last reported valuation is worth

...

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