Following SpaceX's agreement to acquire Cursor at a $60 billion valuation, it has been revealed that a 5% stake in the AI coding startup, sold by FTX's bankruptcy estate for $200,000 in April 2023, would now be worth approximately $3 billion. This staggering difference in value has brought attention to the significant missed recovery in crypto history. SpaceX's planned acquisition is part of Elon Musk's efforts to close the gap with competitors in the AI coding tools space. The deal has also raised questions about the timing of the FTX estate's asset sale, with former CEO Sam Bankman-Fried arguing that the estate's liquidation of assets too quickly destroyed billions in value.
The sale of the Cursor stake has become a prime example of the potential value that could have been realized if the estate had held onto its assets. The incident is likely to feature prominently in ongoing discussions about the FTX bankruptcy and its aftermath.