According to the Bloomberg Billionaire Index, against the background of the FTT token collapse, the CEO of the FTX crypto exchange Sam Bankman-Fried lost $14.6 billion in less than a day. Thus, Bankman-Fried disappeared from the Bloomberg billionaires index after his personal financial condition allegedly fell by more than 95% to $991.5 million.
Recall that on Tuesday, Binance CEO Changpeng Zhao announced the signing of a preliminary agreement to purchase FTX after concerns arose about the apparent insolvency of the exchange. This statement led to a slowdown in the withdrawal of funds and a free fall in the price of the native FTX token.
Before the current FTX financial crisis, Bankman-Fried’s personal wealth was estimated at $15.2 billion, but according to Bloomberg, $14.6 billion of it was lost in less than 24 hours. Bankman-Fried’s meteoric rise to financial success, combined with his relative youth and eccentric personality, including his alleged penchant for sleeping on a pillow in his office, have made him one of the favorites of the crypto industry.
Earlier this year, Sam Bankman-Freed made public promises to donate most of his wealth to charity. He also promised to spend about $1 billion to support political candidates whose mission will be to prepare for future pandemics of humanity. However, after investing $40 million in the run-up to the midterm elections, Bankman-Fried later abandoned his intention to finance political candidates in the future.