AI startup Anthropic will not accept investments from Saudi Arabia in the sale process of 8% of its shares as part of FTX’s bankruptcy proceedings .
Executives at Anthropic have cited these concerns as the reason for ruling out Saudi Arabian involvement, as reported by CNBC .
Bankman-Fried, acquired the stake three years ago for $500 million. Thanks to the recent surge of interest in AI technologies, the value of the 8% stake has now exceeded $1 billion.
The proceeds from the stake sale will be used to repay FTX customers , and the transaction is expected to conclude within the next few weeks, according to insiders who have requested anonymity due to the confidential nature of the negotiations.
Sources reveal that the class B shares, which do not grant voting rights, are being sold based on Anthropic’s most recent valuation of $18.4 billion.
In recent years, Anthropic has raised approximately $7 billion from tech giants such as Amazon, Alphabet, and Salesforce.
The company’s advanced language model directly competes with OpenAI’s ChatGPT.
While founders Dario and Daniela Amodei retain the right to challenge potential investors, they are currently not involved in the fundraising process or discussions regarding FTX’s stake.
The Amodei siblings were introduced to Bankman-Fried through the concept of “effective altruism,” which involves maximizing wealth for charitable causes.
AI startup Anthropic strategically excludes Saudi investors in FTX stake sale due to security concerns, valuing Anthropic at $18.4 billion. Complex negotiations underway. Geopolitical factors shaping AI investment landscape.
— Kelvin Zinck (@KelvinZinck) March 23, 2024
Although Anthropic has explicitly stated its refusal to accept Saudi