5 months ago 1 min read

After a $14.6B Overnight Scrape, Sam Bankman-Fried Lost His Billionaire Status


After seeing his estimated personal wealth fall by nearly 94% to $991.5 million in a single day, FTX CEO Sam Bankman-Fried has disappeared from the Bloomberg Billionaires Index.

Concerns about the Bahamas-based exchange's apparent insolvency, which resulted in a halt in withdrawals and a freefall in the price of FTX's native token, led Binance CEO Changpeng "CZ" Zhao to declare on Tuesday that he had signed a provisional deal to acquire FTX.

Bankman-value Fried's was estimated to be $15.2 billion prior to his company's financial crisis, but according to Bloomberg, $14.6 billion was lost overnight. SBF became one of the darlings of the cryptocurrency business as a result of 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 a "effective altruist," earlier this year made bold commitments to give the majority of his money, which was at the time 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 average success), Bankman-Fried eventually reneged on his vow, calling it "a foolish phrase."

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