Sam Bankman-Fried’s net worth fell 93% in 1 day, loses Billionaire status
The Bloomberg Terminal has updated its estimate of FTX CEO Sam Bankman-Fried’s net worth on Nov. 8 to $991 million, down from $16 billion the day before.
The reduced estimate that takes away SBF’s billionaire status comes as the native token of the FTX exchange, FTT, fell over 83% to a low of just $2.67 from a daily high of $20.47. A large percentage of SBF’s wealth is tied to his business activities with both FTX and Alameda Research, meaning a reduction in the price of FTT tokens would directly affect his personal wealth.
The crypto community on Twitter, never to shy away from adding comedy to tragedy, shared memes and anecdotes comparing SBF to Mark Zuckerberg and the fictional Russ Hannemann from the TV show Silicon Valley. Hannemann had a similar experience losing his “3 commas” status, becoming “just” a multimillionaire. In addition, many users commented that SBF’s fall from grace outweighs most retail investors’ 2022 losses.
Live look inside SBF’s house rn: — _ (@ms75015577) November 8, 2022
The FTT token has recovered somewhat as it trades up 83% from its daily low at $4.77 as of press time. SBF is known to also have holdings in Voyager Digital, Robinhood, Alameda Research, and BlockFi, which make up some of his still multi-million fortunes.
Also known as Akiba, Liam is a journalist and editor of Blocklight at CryptoSlate. He believes that decentralized ledger technology has the potential to make widespread positive change. He predicts the next 10 years will bring in a dawn of a new age of technological innovation.Source