Sam Bankman-Fried, the CEO of FTX, has lost 94 percent of his net worth in a single day.
Bankman-Fried's net worth dropped from over 15 billion dollars to just over one billion dollars. The wipeout is the largest wealth collapse ever identified.
It's even more striking since Bankman-Fried's growing reputation as an "adult in the room" for the chaotic world ofBlockchain. He was interested in working with the government to regulate the web3 industry.
His fall from grace was a perfect example of the general bedlam that characterizes the industry.
Bankman-Fried was worth $16 billion just a week ago, but his wealth has gone missing since the rival exchange announced it was buying FTX.
He had a stake in FTX of $6.2 billion and a separate stake in Alameda Research of $7.4 billion.
The value of both FTX and Alameda have plummeted as a result of the agreement between the two parties.
Bankman- Fried had a net worth of $26 billion. Back in April, he promised to donate most of it to charity and political causes, but later backpedaled.
When he bought a Super Bowl ad featuring Larry David, he could be a spendthrift.
It sounds like a distant dream today.
Sam Bankman- Fried's $16 billion fortune was eviscerated in days.
One of the biggest exchanges suddenly collapses and sells itself to another exchange.
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