Following SpaceX's announcement to acquire Cursor at a $60 billion valuation, it has been revealed that a 5% stake in the company sold by FTX's estate for $200,000 in 2023 would now be valued at approximately $3 billion. This substantial difference in value has sparked debate about the handling of FTX's assets during its bankruptcy.
The sale of the stake, which was initially purchased by Alameda Research for $200,000 in 2022, has resulted in a significant loss of potential recovery for the estate's creditors. The timing of the sale has also raised questions, as it occurred shortly after FTX's collapse and during a period of low crypto prices. The situation has been cited by Sam Bankman-Fried, the founder of FTX, as an example of the estate's alleged mishandling of assets, which he claims could have been worth billions if managed differently. The acquisition deal between SpaceX and Cursor is seen as a strategic move by Elon Musk to enhance his company's AI coding capabilities and close the gap with competitors like OpenAI and Anthropic.