The value of FTX's bankruptcy estate sale of a 5% stake in AI coding startup Cursor has been called into question following SpaceX's recent agreement to acquire the company at a $60 billion valuation. The stake, which was sold for $200,000 in April 2023, would now be worth approximately $3 billion. This significant increase in value has sparked debate about the handling of FTX's assets during its bankruptcy proceedings. SpaceX's acquisition deal is seen as a strategic move by Elon Musk to enhance his company's AI coding capabilities.
The deal has also highlighted the substantial returns that could have been realized by FTX's creditors if the stake had not been sold at a significantly lower valuation. The timing of the sale has been criticized, particularly by Sam Bankman-Fried, who has argued that the estate's decision to liquidate assets too quickly resulted in the destruction of billions of dollars in value. The sale of the Cursor stake has been cited as a prime example of the potential value that was lost due to the estate's actions.