Sam Bankman-Fried’s $14.6 Billion Disappeared Overnight
According to the Bloomberg Billionaire Index, the fortune of FTX CEO Sam Bankman-Fried fell nearly 94% overnight. He is no longer on the list of 500 billionaires in the world.
Sam Bankman-Fried was once one of the richest under-30s in history, thanks to the businesses of the FTX exchange and the investment fund Alameda Research. According to Forbes, the majority of Sam’s wealth comes from shares in FTX and a large amount of FTT governance tokens. At its peak, FTX was valued at $ 32 billion in January 2022, Sam Bankman-Fried now owns a fortune of $24 billion.
However, FTX CEO Sam Bankman-Fried disappeared from the Bloomberg Billionaire Index after his personal wealth plummeted from $15.2 billion to just $991.5 million by nearly 94%.
As updated in previous articles, FTX received a huge blow when Binance announced the withdrawal of investment, causing the exchange to lose liquidity, no cash while the main collateral is FTT tokens. Funds and users massively withdraw money in case of uncertainty. The FTT price witnessed a slump as it fell from $25 and bottomed out at $3.25 today.
Yesterday evening, a “shocking” event occurred when Binance confirmed that it was in the process of negotiating to “buy back” FTX. This news has caused an uproar in the entire crypto industry, perhaps this is the unexpected conclusion to the shocking events of the past few days.
Recently, FTX CEO Sam Bankman-Fried wrote a letter of apology to investors and said that he might “be silent” in the coming days. He noted that he could not provide further details, including the value of the deal, everything is still in the process of being negotiated and nothing is certain.
Sam once vowed to donate most of his fortune to voluntary organizations, based on the philosophy “money earned is given away”. However, according to Forbes, Mr Bankman-Fried has so far donated only about 0.1% of his fortune to purposes such as voter registration, global poverty reduction and artificial intelligence safety.
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