Perella Weinberg’s Post

FTX To Sell $884 Million of Anthropic Shares To Two Dozen Institutional Investors: The FTX bankruptcy estate has raised $884 million by selling the majority of its Anthropic shares to two dozen institutional investors. "The sale of the Anthropic shares is a big win for the FTX estate, which pledged in January to pay back the defunct exchange's customers 100% of the value of their holdings at the time of the exchange's collapse," reports CoinDesk. "FTX's FTT token climbed 10% on the news." From the report: According to Friday court filings, the top buyer is ATIC Third International Investment Company, a tech investment company wholly owned by the government of Abu Dhabi's sovereign wealth fund, Mubadala. ATIC has agreed to purchase 16,664,167 shares of Anthropic from FTX for $500 million. Other buyers include Jane Street Global Trading -- an affiliate of the erstwhile employer of former FTX CEO Sam Bankman-Fried -- "certain funds" tied to Fidelity Investments and The Ford Foundation. Read more of this story at Slashdot.

FTX To Sell $884 Million of Anthropic Shares To Two Dozen Institutional Investors: The FTX bankruptcy estate has raised $884 million by selling the majority of its Anthropic shares to two dozen institutional investors. "The sale of the Anthropic shares is a big win for the FTX estate, which pledged in January to pay back the defunct exchange's customers 100% of the value of their holdings at the time of the exchange's collapse," reports CoinDesk. "FTX's FTT token climbed 10% on the news." From the report: According to Friday court filings, the top buyer is ATIC Third International Investment Company, a tech investment company wholly owned by the government of Abu Dhabi's sovereign wealth fund, Mubadala. ATIC has agreed to purchase 16,664,167 shares of Anthropic from FTX for $500 million. Other buyers include Jane Street Global Trading -- an affiliate of the erstwhile employer of former FTX CEO Sam Bankman-Fried -- "certain funds" tied to Fidelity Investments and The Ford Foundation. Read more of this story at Slashdot.

FTX To Sell $884 Million of Anthropic Shares To Two Dozen Institutional Investors: The FTX bankruptcy estate has raised $884 million by selling the majority of its Anthropic shares to two dozen institutional investors. "The sale of the Anthropic shares is a big win for the FTX estate, which pledged in January to pay back the defunct exchange's customers 100% of the value of their holdings at the time of the exchange's collapse," reports CoinDesk. "FTX's FTT token climbed 10% on the news." From the report: According to Friday court filings, the top buyer is ATIC Third International Investment Company, a tech investment company wholly owned by the government of Abu Dhabi's sovereign wealth fund, Mubadala. ATIC has agreed to purchase 16,664,167 shares of Anthropic from FTX for $500 million. Other buyers include Jane Street Global Trading -- an affiliate of the erstwhile employer of former FTX CEO Sam Bankman-Fried -- "certain funds" tied to Fidelity Investments and The Ford Foundation. Read more of this story at Slashdot.

I have been following this FTX story for the past year. Very popular basketball stars, football stars, and other celebrities piled their investments and even promoted this company. Somehow, even successful hedge funds plowed money into FTX. Sam Bankman Fried raised $1.9B from 80 investors in 2 years, at a valuation of $32B in 2022. But why did so many investors invest with SBF, even when he stated that he'd "run it with little oversight?" Because of the promise of huge profits? Because of the fear of missing out? I wish investors would ask the most basic questions, such as: "Do we believe in what this company stands for?" "Is this company creating value or taking advantage of its customers?" "Does management act with transparency and integrity?" "How do they treat employees and shareholders?" "Does this company make the world a better place?" Businesses have an enormous potential for adding or extracting value from society. As investors, we are responsible for looking beyond the glitzy sales pitches and getting to the heart of how businesses operate, make and spend their capital, and impact the world around us. https://on.wsj.com/48RQlDi

What Taylor Swift Taught Me About Due Diligence: It never goes out of style?  It can be delicate? When it is over, we are never ever ever getting back together?  Ok, ok…I will stop. Apparently in 2021 FTX approached Taylor Swift about a lucrative sponsorship deal.  According to Fortune, Ms. Swift herself asked if FTX was selling registered securities (her father was a stockbroker).  The way FTX fumbled the answer led to her saying no.  And likely spared her being drug into the series of lawsuits other celebrities are now suffering through. By asking the simple yet uncomfortable question she spared everyone a lot of heartache.  Due diligence is the same process.  There is no great mystery, no subtle art.  You have to ask simply yet probing questions, some of which might make the other party uncomfortable.  “How dare you assume we do / don’t do / don’t have X” they will say.  If that is the answer, shake it off and move on…sorry, had to get one more in.  #growthmindset #mergersandacqusitions #investmentbanking #exitplanning

Digital assets returned to growth this week, driven by some positive momentum in the ETF sphere (including GBTC’s first post-launch inflows). News and consequences around US regulatory approaches featured heavily in reporting, alongside positive news for FTX customers, a new exchange launch in the UK, tokenisation in Germany, and much more. For a more detailed #deepdive into why this news matters, refer to the full weekly roundup in the comments below. #digitalassets #news

Brilliant work by all involved 👏 The Joint Official Liquidators of FTX Digital Markets Limited have successfully agreed a Global Settlement Agreement with the FTX Debtors. This is a landmark deal which will pave the way for the return of #assets recovered within the insolvent estates to customers across the world. The innovative solution addresses many of the complex cross-border legal and other issues raised following the collapse of the FTX group. It essentially enables assets to be pooled together for redistribution to FTX.com customers and FTX Digital Markets customers in a way that ensures customers in both proceedings receive, at similar times, substantially identical distributions on their claims. Since 10 November 2022 FTX Digital Markets’ joint liquidators Kevin Cambridge of PwC Bahamas, Peter Greaves of PwC Hong Kong and Brian Simms KC of Lennox Paton, have been supported by a cross-border multidisciplinary PwC team on the liquidation process. This includes #restructuring and #forensics experts from here in the UK, alongside colleagues in Hong Kong and the Caribbean region, leading workstreams to provide key financial and insolvency support, alongside forensic crypto assets #data #capture, #claims and #investigations expertise. We are proud to be applying our expertise in solving issues relating to the world’s largest digital asset cross-border insolvency to date. You can read the full press release here: https://lnkd.in/eaKXU-WD