Following SpaceX's acquisition agreement with Cursor at a valuation of $60 billion, it has been revealed that a 5% stake in the company, previously owned by FTX's estate, would now be valued at approximately $3 billion. This stake was sold by the estate in April 2023 for $200,000, representing a substantial missed recovery opportunity.
The deal has brought attention to the significant growth of Cursor, which launched its AI coding product in early 2023, and has sparked debate about the management of FTX's assets during its bankruptcy. The estate's decision to liquidate assets, including the Cursor stake, has been criticized by FTX's founder, Sam Bankman-Fried, who argues that holding onto these assets could have resulted in a more substantial recovery for creditors.