Sam Bankman-Fried Net Worth: Even if his bitcoin enterprise was collapsing, Sam Bankman-Fried awoke on Monday still a billionaire. His riches had vanished by Friday.
Bloomberg estimated that Bankman-Fried had a net worth of around $16 billion at the beginning of the week. Bloomberg termed his loss “one of the largest destructions of wealth in history” after his crypto exchange, FTX, went bust.
How Much Sam Bankman’s Fortune Evaporated In Less Than A Week?
On Friday, FTX announced that the firm had filed for bankruptcy, and SBF (Bankman-Fried) resigned from his position as CEO. The tycoon, who is only 30 years old, saw his fortune of $26 billion at its highest point this spring, most of which was invested in digital assets.
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Bankman-Fried came to the rescue of crypto firms like BlockFi and Voyager this summer when prices plunged, utilizing his FTX exchange and its sister hedge fund, Alameda.
In July, he told Reuters that he and FTX still had a “few billion” on hand to help stabilize the market by shoring up other companies. About 70% of FTX’s US company is owned by Bankman-Fried, which is currently estimated to be worthless by the index.
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Since his interest in online stockbroker Robinhood was held through Alameda and may have been used as collateral for loans, Bloomberg no longer includes its former valuation of more than $500 million.
For his part, Bankman-Fried, an adherent of “effective altruism,” has worked to amass wealth for the sole purpose of donating it. The future of his charitable work, however, remains uncertain.
The FTX Future Fund, which claims to have awarded grants totaling $160 million, lost its entire staff on Thursday. The five-person group released a statement in which they questioned the legality of the businesses that supported the FTX Foundation and Future Fund.
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