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FTX CEO Sam Bankman-Fried Loses 94% Of Net Worth


FTX CEO Sam Bankman-Fried, who was worth $16 billion earlier this week, lost 94% of his fortune which brought that lofty number down to $1 billion on Tuesday marking the biggest wealth collapse a billionaire has ever taken in a single day, according to Bloomberg.

Bankman-Fried, 30, announced that his crypto exchange platform FTX was being sold to rival firm Binance in an effort to relieve a severe liquidity crunch. Bankman-Fried’s 53% stake in FTX was worth $6.2 billion.

Another $7.4 billion of his fortune came from his crypto trading house, Alameda Research, per the report.

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