According to the Bloomberg Billionaire Index, the FTX CEO lost an estimated $14.6 billion, approximately 94% of his total wealth.
Sam Bankman-Fried, CEO of FTX, has disappeared off the Bloomberg Billionaires Index after seeing an almost 94% decline in estimated net worth to $991.5 million in a single day. Concerns over the apparent insolvency of the Bahamas-based exchange grew, slowing withdrawals and causing a freefall in the price of FTX’s native coin. On Tuesday, Binance CEO Changpeng “CZ” Zhao revealed that he had signed a provisional deal to acquire FTX.
Bankman-Fried Company’s Financial Crisis
Bankman-Fried’s was estimated to be $15.2 billion before his company’s financial crisis, but according to Bloomberg, $14.6 billion was lost overnight. SBF became one of the cryptocurrency business’s darlings due to Bankman-meteoric Fried’s rise to financial success, relative youth, and eccentric personality—including his alleged propensity for sleeping on a beanbag at his workplace.
Bankman-Fried, who calls himself an “effective altruist,” earlier this year made bold commitments to give the majority of his money, estimated to be worth $21 billion, to charity. Additionally, he committed to spending up to $1 billion to back political candidates that share his overarching purpose of preparing for pandemics in the future. Despite investing almost $40 million in the run-up to the midterm elections (with just moderate success), Bankman-Fried eventually reneged on his vow, calling it “a foolish phrase.”
Sam Bankman-Fried, an almost 94% decline in estimated net worth to $991.5 million in a single day. But according to Bloomberg, $14.6 billion was lost overnight, and eventually reneged on his vow, calling it “a foolish phrase.”