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Sam Bankman-Fried No Longer a Billionaire After $14.6B Wipeout: Bloomberg
The FTX CEO lost an estimated $14.6 billion dollars – nearly 94% of his total wealth – according to the Bloomberg Billionaire Index.
Updated May 9, 2023, 4:01 a.m. Published Nov 8, 2022, 5:00 a.m.
FTX CEO Sam Bankman-Fried has vanished from the Bloomberg Billionaires Index after his estimated personal wealth plummeted nearly 94% to $991.5 million in a single day.
Binance CEO Changpeng “CZ” Zhao announced on Tuesday that he had inked a provisional agreement to acquire FTX after concerns mounted about the Bahamas-based exchange’s apparent insolvency, leading to a slowdown in withdrawals and freefall in the price of FTX’s native token.
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Read More: Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source
Before his company’s cash crunch, Bankman-Fried was worth an estimated $15.2 billion but, according to Bloomberg, $14.6 billion was wiped out overnight. Bankman-Fried’s rapid rise to financial success, combined with his relative youth and eccentric personality – including his supposed penchant for sleeping on a beanbag in his office – made SBF one of the darlings of the crypto industry.
A self-described “effective altruist,” Bankman-Fried made big promises earlier this year to donate the majority of his fortune, at the time valued at $21 billion, to charity. He also promised to spend up to $1 billion to support political candidates aligned with his broader mission of preparing for future pandemics.
Read More: Crypto Exchanges Scramble to Compile 'Proof-of-Reserves' as FTX Contagion Grips Markets
Though Bankman-Fried spent approximately $40 million ahead of the midterm elections (with middling success), he later backed away from his promise, calling it “a dumb quote.”
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