FTX The CEO of Sam Bankman-Fried became pauper overnight. His net worth dropped by about 94 percent in one day. His wealth dropped to $991.5 million, while he was an owner of $15.2 billion. According to a Bloomberg report, this is the biggest drop in the wealth of any billionaire in a single day.
The fate of 30-year-old Sam Bankman-Freud came when he announced that his crypto exchange FTX was going to buy rival Binance. In a tweet on Tuesday, Changpeng Zhao, head of the world’s largest cryptocurrency platform Binance, did not say that he has signed a memorandum of understanding to buy FTX. He said that this small crypto exchange is going through a cash crunch. Soon after the deal was announced, Zhao also shared two investment mantras.
According to Coindesk, before the news of the FTX sale, Sam Bankman-Freud had a net worth of $15.2 billion. His wealth decreased by $14.6 billion overnight. For 30-year-old billionaire Freud, this was no less than a shock. They are known as SBF on social media. In August, Fortune magazine even said that Sam Bankman-Freud is not the next Warren Buffett.
Who is Sam Bankman-Fried?
Sam Banksman-Freud’s parents are professors at Stanford Law School. Freud did his studies from the famous Massachusetts Institute of Technology (MIT). He also worked as a broker in Wall Street before venturing into the world of cryptocurrency in 2017.
Freud sleeps only 4 hours
Freud, who eats pure vegetarian food, sleeps only 4 hours in 24 hours. In no time, he became a famous figure in the world of cryptocurrency. He took an oath that he would donate almost his entire wealth to animal welfare and fight global warming.