SBF originally bought a 13.56% stake for $500M (diluted to ~7.84% after Amazon/Google rounds). Because it was funded with stolen user funds, the FTX estate was forced to fire-sale it in 2024 for just $1.3B to pay back victims. Now, with Anthropic targeting an IPO valuation of $2 TRILLION, that 7.84% stake would have been worth $156.8 BILLION. By being forced to liquidate early, the estate missed out on over $155B in gains, money that could have wiped out all debt and left a massive surplus. Instead, SBF’s current ownership at listing is exactly 0%.