FTX CEO John Ray III sold its remaining Anthropic shares

The CEO of FTX Estate, John Ray III, sells its balance shares in Anthropic, amounting to 15 million, at a price of $30 per share. Through this, he managed to rake in the amount of $450 million. Incidentally, Anthropic is an AI startup that introduced its chatbot, Claude. 

The FTX Estate has filed for bankruptcy. 

FTX had invested in Anthropic for $500 million and gradually increased it to $1.3 billion, resulting in an overall profit of $800 million.

In this round, G Squared emerged as the leading purchaser, acquiring one third of the remaining shares, totaling 4.5 million, at a price of $135 million. Various VC funds comprised most of the remaining twenty purchasers.

Simultaneously, the bankruptcy price has gone beyond $500 million in terms of legal and administrative costs.

The creditors of FTX are evidently apprehensive about the current situation, as the law firm that previously represented FTX is now overseeing the FTX bankruptcy. This presents a slightly perplexing situation for them. This has resulted in the introduction of an independent examiner. 

Since the commencement of the case, John Ray, the CEO of FTX, has forwarded an expense statement amounting to $5.6 million, with a rate per hour of $1,300.

The estate intends to make compensation against a minimum of 118% of the permitted claims. 

Meanwhile, Ryan Salame, the former CEO of FTX Digital Markets, received a 7.5-year jail sentence after admitting guilt to two counts. This occurred on May 28, 2024, at the US District Court for the Southern District of New York, with Lewis Kaplan as the presiding judge. Sam Bankman-Fried appealed his sentence for fraudulent activities in the previous month.

The FTX Estate has set a deadline for releasing payments to its clients at the end of the year.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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