FTX’s Cursor Stake Sold for $200K Now Valued at $3 Billion
- In April 2023, FTX’s bankruptcy estate sold a 5% stake in AI startup Cursor for $200,000.
- SpaceX recently agreed to acquire Cursor at a valuation of $60 billion, making the stake now worth approximately $3 billion.
- The investment was originally made by Alameda Research in April 2022 when the company was valued at $4 million.
- Sam Bankman-Fried, currently serving a federal sentence, claims that FTX’s estate destroyed billions in value by liquidating assets too quickly during bankruptcy.
- FTX customers received their claim values plus interest under the bankruptcy distribution plan but missed out on significant asset appreciation.
The drastic increase in value from the Cursor stake highlights potential mismanagement during FTX’s bankruptcy proceedings, as stakeholders argue about lost opportunities for recovery. This situation underscores ongoing debates about asset liquidation strategies and their impact on creditors.
The difference between what FTX received and the current market value of the Cursor stake represents a staggering loss of approximately $2.8 billion for creditors.(Source)
