FTX hits brakes on sale of $500 million stake in AI firm: Bloomberg
FTX’s plan to sell off one of its most valuable assets has been paused, according to a report by Bloomberg News.
As per the report, the bankrupt exchange’s financial advisors, Perella Weinberg, told bidders this month that its stake in artificial intelligence company Anthropic was no longer on the market. Citing people familiar with the situation, Bloomberg’s report notes that the pause followed a process of several months during which time multiple potential parties conducted due diligence.
Alameda, the hedge fund founded by former billionaire Sam Bankman-Fried, invested $500 million into the company, according to internal documents reviewed by Bloomberg. Founded in 2021, the firm announced in May a $450 million Series C with participation from Google, Salesforce Ventures, and Zoom Ventures.
The news of the halt comes soon after FTX and its debtors released its second investigative report, which highlighted findings from its asset recovery process. The group found that FTX.com owed customers about $8.7 billion.
In December, Bankman-Fried was charged with defrauding investors by the Securities and Exchange Commission for concealing a diversion of funds from FTX clients to Alameda.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Go to Source
Author: Frank Chaparro
