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Broke Crypto Giant FTX Wants to Sell Off $1.4 Billion AI Investment

FTX, the crypto giant that went bust last year, is looking to shed one of its major assets: an 8% stake in the artificial intelligence (AI) startup Anthropic. This stake is valued at around $1.4 billion, and selling it could be a big boost for FTX in its efforts to repay its debts.

Remember FTX? Back in November 2023, it all came crashing down. Now, under new leadership, the company is scrambling to gather funds to pay back its customers and creditors.

Selling off investments like its stake in Anthropic AI is a key part of that plan to access a significant amount of money to repay creditors and customers.

Anthropic AI is a hotshot in the AI world, known for its work on large language models like its chatbot, Claude. But for FTX, it’s simply an asset to be cashed out.

The company has filed a motion in court asking permission to sell its Anthropic shares. They’re open to either an auction or a private sale, whichever brings in the most money.

As of today, February 5, 2024, the court has not yet made a decision on FTX’s motion to sell its Anthropic AI stake.

The hearing to discuss the motion is scheduled for February 22nd, 2024. So, any information about the court’s decision is purely speculative at this point.

Who will buy the stake? And what impact will that have on the company’s direction?

If the court rejects the motion,┬áit forces FTX to find alternative ways to raise money which could delay or complicate the company’s efforts to repay its debts.

One thing’s for sure: the saga of FTX isn’t over yet. This latest move is just another chapter in the story of a fallen crypto giant trying to pick up the pieces.

See also: FTX Calls Off Comeback, Focuses on Repaying Users

Source
Cointelegraph

Victor Chijoke

Passionate about blockchain, and the decentralized internet. A writer in the morning, goalie in the evening. The aim is to keep my readers informed about the ever-evolving world of web3 with a unique blend of expertise and storytelling.

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