FTX's Mishandling of Half-Billion Dollar Investment: AI Coding Company Cursor Valued at Almost a Billion, Claims Article
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SOLD STAKE IN POTENTIAL $500M GEM: FTX LIQUIDATORS
In a recent report from the Financial Times, Cursor, an artificial intelligence coding platform developed by San Francisco-based Anysphere Inc., has secured $900 million in funding at a $9 billion valuation since being sold off by FTX [1][2][3][4]. The FTX trading arm Alameda Research invested $200,000 in Cursor's seed round in 2022, yet liquidators sold the investment at cost, missing out on a potential $500 million windfall.
CURSOR AI: THE RISING STAR
Cursor AI offers natural language programming, advanced code suggestions, and debugging functionalities, aiming to enhance software development efficiency [2][5]. Reportedly generating over $200 million in annual recurring revenue, the platform is backed by prominent venture capitalist firms such as Thrive Capital, Andreessen Horowitz, and Accel. In the past, it has attracted major tech companies like Stripe, OpenAI, and Spotify, generating nearly a billion lines of code daily [2][5].
MISSING A MILLION-DOLLAR OPPORTUNITY
The sale of Cursor's stake by FTX liquidators represents another undervalued asset sale after the exchange's collapse, adding to the miscalculations that have affected recovery efforts [4].
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[Sources: 1: Financial Times, 2: TechCrunch, 3: Crunchbase, 4: The Block, 5: VentureBeat]
- Amid the world of cryptocurrency and blockchain, investors are constantly seeking opportunities in altcoins to diversify their portfolio.
- In the latest crypto news, the selling of Cursor's stake by FTX liquidators has raised questions about potential missed opportunities in the billion-dollar AI platform.
- The technology revolution continues with advancements in software development, as AI-powered platforms like Cursor AI aim to enhance efficiency in the realm of finance and investing.
