TL;DR
- Hedge fund manager Travis Kling believes Google’s recent $2 billion investment in artificial intelligence (AI) company Anthropic will help push FTX’s bankruptcy closer to a full recovery.
- AI startup Anthropic secured approximately $7 billion in financing from various tech giants over the past year.
- Former FTX CEO Sam Bankman-Fried admitted that risk management mistakes contributed to FTX’s bankruptcy.
Hedge fund manager Travis Kling believes that Google’s recent investment of $2 billion in the artificial intelligence (AI) company Anthropic will significantly contribute to the near-full recovery of FTX from bankruptcy.
On October 27, reports surfaced that tech giant Google had committed a $2 billion investment in Anthropic. This includes an initial investment of $500 million, with plans to deposit the remaining $1.5 billion over time.
FTX Bankruptcy Nearing Full Recovery
In a post on X (formerly Twitter), Travis Kling, the founder of Ikigai Asset Management, suggested that Google’s investment in the AI company would help FTX’s bankruptcy approach a near-complete recovery. He stated:
However, Ari Paul, the founder of BlockTower Capital, argued that Google’s investment doesn’t necessarily guarantee that Anthropic will return money. Paul commented:
Last year, FTX and its subsidiary Alameda Research made a significant $500 million investment in Anthropic. Since then, the AI company has made notable strides, creating Claude2, a chatbot competing with OpenAI’s ChatGPT, and securing nearly $7 billion in financing over the past year.
As a result, Anthropic’s valuation is set to surpass the previously reported $4.1 billion earlier this year, reaching over $20 billion. The higher valuation could significantly increase FTX’s stake in the company to over $4 billion.
SBF Acknowledges Mistakes
Meanwhile, former FTX CEO Sam Bankman-Fried (SBF), during his ongoing legal proceedings in New York, admitted to making mistakes during his tenure at the exchange.
SBF acknowledged that “many people were hurt” when FTX filed for bankruptcy last year. The former CEO also noted that one of his mistakes with the bankrupt company was failing to appoint a risk manager.
Additionally, SBF accused his former employees, Caroline Ellison, Gary Wang, and Nishad Singh, of contributing to the exchange’s issues.
He claimed that Ellison did not follow his advice on Alameda’s risk coverage at FTX. On the other hand, Wang and Singh had the authority to make autonomous decisions despite being under his supervision.”
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