In a remarkable turn of events, a 5% stake in AI coding startup Cursor, sold by FTX's bankruptcy estate for $200,000 in April 2023, would now be 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 loss incurred by FTX's creditors due to the estate's decision to liquidate assets during the bankruptcy process. SpaceX's acquisition deal, aimed at closing the gap with competitors in AI coding tools, has also sparked debate about the timing of the estate's asset sale and its potential impact on FTX customers, who have been made whole in dollar terms but missed out on the substantial upside of the assets sold.
