In April 2023, FTX's bankruptcy estate sold a 5% stake in AI coding startup Cursor for $200,000, a valuation that has since skyrocketed to approximately $3 billion following SpaceX's acquisition deal. This development has brought attention to the significant losses incurred by FTX's estate due to the forced sale of assets during the bankruptcy process.
SpaceX's agreement to acquire Cursor at a $60 billion valuation has sparked debate about the timing of the sale and the potential value that could have been realized if the stake had been held. The acquisition is part of Elon Musk's efforts to enhance SpaceX's AI capabilities, particularly in the area of AI coding tools. The deal has also raised questions about the estate's handling of assets during the bankruptcy, with some arguing that the sale of the Cursor stake was premature and resulted in a substantial loss of potential revenue.
The incident has been cited by Sam Bankman-Fried, the founder of FTX, as an example of the estate's mismanagement of assets, which he claims could have been worth billions if handled differently. The sale of the Cursor stake has become a focal point in the discussion about the estate's asset management and the potential consequences of forced sales during bankruptcy proceedings.