A 5% stake in AI coding startup Cursor, sold by FTX's bankruptcy estate for $200,000 in April 2023, is now valued at approximately $3 billion following SpaceX's agreement to acquire the company at a $60 billion valuation. This development has brought attention to the significant gap between the estate's recovery and the potential value that could have been realized. The investment, initially made by Alameda Research in April 2022, was sold by the estate at the same price, resulting in a missed opportunity for creditors.
The timing of the sale has sparked debate, particularly given the arguments made by Sam Bankman-Fried, who claims that the estate's liquidation of assets too quickly destroyed billions in value. The case of the Cursor stake is likely to be cited as an example of the potential value that was lost due to the estate's actions.