Sam Bankman-Fried $16 billion net worth has now been reported by Bloomberg’s Billionaire Index to be $0 following the collapse of FTX.
The CEO of FTX. Sam Bankman-Fried, is suffering as a result of what is arguably the most devastating collapse in the history of the cryptocurrency industry.
The former crypto tycoon’s entire fortune has declined in value in recent days. And as a result of the collapse of FTX, the 30-year-assets old’s are disappearing.
A probable trade stoppage has reduced the value of FTX to only $1 according to the Bloomberg Billionaires Index. Following that, the company was valued at about $8 million in a funding round in January. A downturn that undoubtedly had an effect on the platform’s youthful CEO, Bankman-Fried, who still owns 70% of it.
Additionally, according to Bloomberg, due to rumors that it was held through Alameda Research, Bankman-Fried investment in Robinhood Markets Inc., which was worth more than $500 million, is not factorable. The FTX trading house is reportedly facing criticism, and it has been disclosed that $500 million will probably be kept as collateral.
A potential $8 billion liquidity problem has been experienced by FTX as a result of recent events. Even though the trading platforms’ prayers for a savior have not yet been heard. Before they finished their due diligence, one of their biggest rivals, Binance, was ready to buy the platform.
Binance withdrew from the agreement after more research, and now SBF is requesting more than $9 billion to save FTX. A group of investors, led by Justin Sun and OKX, has been discussed as a possible solution to save the platform. However, there have not yet been any confirmed claims of a deal being closed.
