The FTX bankruptcy estate, under CEO John Ray III, liquidated investments made by Sam Bankman-Fried (SBF) in startups like Cursor, Anthropic, and Robinhood prematurely, missing out on massive gains. Cursor, an AI coding assistant, recently raised at a $9-10 billion valuation, meaning FTX's stake would now be worth nearly $300 million—sold for just $24 million. Anthropic, an AI safety startup, surged in value after Amazon invested $4 billion; FTX sold its stake for $884 million instead of waiting for a current valuation near $3 billion. Robinhood shares, sold by the estate at around $12-13, now trade above $25. Total profits from the sales of these three positions amounted to roughly $1.7 billion, but if held, they'd be worth over $3.4 billion. The estate's haste to distribute funds to creditors led to billions in missed upside.

Key facts

• FTX estate sold Cursor stake for $24M; now worth nearly $300M.
• Anthropic stake sold for $884M; current valuation ~$3B.
• Robinhood shares sold at $12-13; now trade above $25.
• Total sold for ~$1.7B; if held, worth over $3.4B.
• Estate's haste to pay creditors caused billions in missed gains.