POPA ReconFTX's $206B Missed Fortune
FTX's $206B Missed Fortune If FTX had held its venture portfolio instead of liquidating it in bankruptcy, the stakes would be worth over $206B today. That's roughly 25x the ~$8B in customer funds that went missing. Anthropic makes up 83% of the total. The estate sold FTX's stake in 2024 for about $1.3B, and today the same position would be marked at $170.5B. Cursor is the most extreme multiple: a 5% pre-seed stake was sold back for around $200K in 2023 and would now be worth ~$3B, a 15,000x missed return. SpaceX ($15.1B), Solana ($7B) and Robinhood ($6.7B) are the other big ones. Not every…
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