In April 2023, FTX's estate sold a 5% stake in Cursor for $200,000, a decision that has proven costly in hindsight. With SpaceX's recent agreement to acquire the company at a $60 billion valuation, that same stake would now be worth approximately $3 billion. This significant disparity has brought attention to the crypto aspect of the deal, particularly the investment made by Alameda Research in Anysphere, the company behind Cursor.
The initial investment of $200,000, which purchased around 5% of the company, was sold by FTX's estate for the same amount after the company's collapse. This transaction has sparked debate, especially given the substantial return it could have generated for creditors. The timing of the sale has also raised questions about the management of FTX's estate, with some arguing that the assets were liquidated too quickly, resulting in missed opportunities for recovery.
The case of the Cursor stake serves as a prime example of the potential value that could have been realized if the estate had adopted a different approach to asset management.