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Investing.com – FTX CEO Sam Bankman Freed lost 94% of his fortune overnight and now, according to Bloomberg estimates, a cryptocurrency investor’s 2 largest assets are worth $ 1 each. writes Business Insider.
Earlier in the week, his fortune was $ 16 billion and on Tuesday he lost 94% to $ 1 billion.
On Tuesday, Bankman Fried announced that its FTX cryptocurrency exchange will be sold to rival exchange Binance to alleviate the liquidity crisis. Bankman Freed’s 53% stake in FTX was worth $ 6.2 billion, with another $ 7.4 billion of its fortune coming from cryptocurrency exchange house Alameda Research.
Once Binance acquires FTX, according to the Bloomberg Welfare Index, FTX and Alameda will be worth just $ 1 each.
However, Bankman Fried was not alone in losing most of his fortune, as sudden losses of this magnitude are common among the richest people in the world, although in all honesty it must be admitted that never before is a billionaire. he had separated himself from such a gigantic share of his fortune in a single day.
Hence, Mark Zuckerberg lost $ 29 billion on February 3, although his net worth is still estimated at $ 84.3 billion and in November 2021, Tesla (NASDAQ 🙂 CEO Elon Musk lost $ 50 billion in 2 days after a Twitter (NYSE 🙂 user survey on whether to sell 10% of its stake in the automaker.
The reason for Fried Bankman’s decline in fortune is the result of the $ 600 billion cryptocurrency collapse this year. At the same time, Changpeng Zhao, the founder of Binance, the cryptocurrency exchange that acquires FTX, lost $ 79.4 billion of his fortune in the crash this year, according to the Bloomberg Billionaires Index.
– Materials from Business Insider were used in the preparation
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