class=”sc-29f61514-0 jbwksb”>
The bankruptcy of cryptocurrency exchange FTX at the end of last year put founder Sam Bankman-Fried behind bars. And it has smashed countless investors.
But now there is an unexpected glimmer of hope. FTX’s balance sheet shows a large investment in a thriving AI startup, as business magazine “Semaphore” reports.
A competitor of OpenAI
Accordingly, FTX made a huge investment of $ 500 million in a company called Anthropic. It’s a competitor to OpenAI, the company behind the extravagant ChatGPT. Interesting: Google also invested $300 million in Anthropic. Despite less media attention, Anthropic’s software apparently managed to pass various tests.
Due to this and the hype surrounding AI, Anthropic is currently valued at $4.6 billion. As such, FTX’s stake in the high-paying firm could net a nine-figure sum and provide a way for bankruptcy trustees to reimburse FTX’s aggrieved clients.
it won’t be that easy
Implementing something that looks great may not be that easy. Companies with “traditional” assets such as real estate or bonds have clear procedures aimed at getting as much of the company’s value as possible in the event of bankruptcy.
FTX, on the other hand, is “an unregulated company in an unregulated industry” as Semaphore puts it. Assets are highly variable. Just like the value of Antropics.
The bankruptcy trustees had previously forcibly sold FTX shares in March, which would have been much more expensive than today’s valuation, meaning it would have brought more for creditors. Therefore, be careful the next time you sell FTX investments.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
