Sam Bankman-Fried, billionaire and founder of crypto exchange FTX plans to give away 99% of his wealth, citing the philosophy of “effective altruism,” which he learned in college. 

Sam, who runs a multibillion-dollar global crypto exchange still drives a Toyota Corolla, lives like a college student, and wants to make the most money so he can give it away, according to Bloomberg. Even with his massive wealth, he says he'll keep only about 1% of his earnings each year, or about $100,000. 

"You pretty quickly run out of really effective ways to make yourself happier by spending money," Bankman-Fried told Bloomberg. "I don't want a yacht."

The 30-years-old billionaire learned effective altruism in 2022. During his junior year of college, the MIT grad learned effective altruism philosophy which uses mathematical calculations to determine how people could be most beneficial to others with money and time. 

Bankman-Fried took to the notion of "earning to give." In line with that approach, he worked on Wall Street for three years after college and gave away 50% of his salary every year to donate to animal welfare

The CEO of FTX still sleeps on a bean bag, plays videos games while giving talks on Zoom, and lives with a group of friends. However, this didn’t stop him from doing the right thing. 

In February after Russia invaded Ukraine, Bankman-Fried said his crypto exchange gave away cash to all of its Ukrainian users. He also personally donated $250,000 in tether to Ukraine.

Bankman-Fried told Bloomberg he doesn't second-guess his decision to give most of his money away. 

"It's not a decision that I constantly reevaluate, because I think it just doesn't do me any good to be constantly reevaluating anything," he said. "It doesn't, minute to minute, feel to me like a decision anymore."