Crypto Billionaire Bankman-Fried Lost 94% of His Net Worth in 1 Day, The Biggest Loss In History
And More ı By Rochdi Rais
0 Comments
FTX CEO Sam Bankman-Fried, who was worth $16 billion earlier this week, saw his fortune slump by 94% to $1 billion on Tuesday, marking the largest wealth collapse for a billionaire in history, According to Bloomberg.
On Tuesday, the 30-year-old CEO announced that his crypto exchange FTX is being sold to rival firm Binance in order to dodge a harsh liquidity crunch. Bankman-Fried's 53% stake in FTX was worth $6.2 billion, while another $7.4 billion of his fortune came from his crypto trading house, Alameda Research, Bloomberg reported.
With Binance's acquisition of FTX, Bloomberg's wealth index now values both FTX and Alameda at $1 each, wiping out the perceived worth of Bankman-Fried's most significant holdings.
Bankman-Fried isn’t the only one who saw billions wiped off of his net worth. In November 2021, Tesla CEO Elon Musk lost $50 billion in two days when he polled Twitter users if he should sell 10% of his stake in his automaker.
.Bankman-Fried's losses come in the wake of a devastating $600 billion crypto crash this year. Changpeng Zhao, the founder of Binance — the crypto exchange acquiring FTX — lost $79.4 billion of his fortune this year as a result of the crash, according to the Bloomberg Billionaire Index.
Discussion
No comments yet. Be the first to join the discussion!
FOLLOW US
Recent Posts
When The Camera Becomes A Witness – What A Floating…
New Jersey Insurance Executive Kills Wife and Daughter Before Taking…
Nidal Hasan Set for Firing Squad Execution at Fort Hood…
Disney Says Trump FCC Is Using ABC Licenses to Pressure…
Mouth of Hell Volcano Replenishing Magma Near Nearly 2 Million…
Oprah-Backed True Food Kitchen Files Chapter 11 After Expansion Missteps…
Appeals Court Rejects AI Training Fair Use Defense In Ruling…
Don’t Miss It
Queen Camilla’s Doctor Hannah Cain Murdered During Children’s Sleepover: Husband Charged
By – Jackie AllenFor the First Time Since 2002, the U.S. Won’t Invite International Observers to Monitor Its Federal Elections
By – Derek JohnsonSix U.S. Soldiers Died in an Iranian Drone Strike in Kuwait. Now Families and a Senator Are Demanding to Know Why They Were Left Exposed
By – Derek JohnsonTrump Says He Regrets Picking Supreme Court Justices as New Term Opens With Immigration, Guns and Voting Rights on the Line
By – Derek JohnsonFour States Sue TP-Link Alleging Hidden China Ties and Router Security Failures
By – Samuel LopezCould a COVID-Level Outbreak Disrupt Russia’s War Economy And Its Ability to Continue The Ukraine War
By – Samuel LopezSenators File Ethics Complaint Against Third Circuit Judge Jennifer Mascott Over Role At PR Firm
By – Samuel LopezMusician Gets 18 Months After AI Bot Farm Stole $8 Million In Streaming Royalties
By – Samuel Lopez
Avi Loeb Cites High-Level Pentagon Claim…
Inside The Intelligence Vault A Harvard professor who once tore…
By – Samuel Lopez
Tate Brothers Face Extradition Over Alleged…
The Tate Brothers—Andrew Tate and Tristan Tate—are facing a new…
By – Jackie Allen
Russian Lab Worker’s Mystery Pneumonia Death…
WHY THIS CASE DESERVES ATTENTION A 28-year-old worker at Russia’s…
By – Samuel Lopez
CIA Officer Stealing Gold Bars: David…
WASHINGTON — The case involving a former CIA official and…
By – Jackie Allen
Vehicle Touching Occupying Suit Puts Michigan…
A hand resting on a truck could become the dividing…
By – Tyler Brooks
Emera, ATCO CA$72B Canadian Utility Merger…
A massive transformation is taking shape in Canada’s utility sector…
By – Rachel Moore
Emera, ATCO CA$72B Canadian Utility Merger…
A massive transformation is taking shape in Canada’s utility sector…
By – Rachel Moore
Energy Transfer $2.6B Vaquero Deal Expands…
Energy Transfer is making another major push into one of…
By – Rachel Moore
Uber’s $2.3B EzCater Buy Targets the…
Uber is making a major move beyond the individual meal…
By – Rachel Moore
ICE Fines: Judge Halts Rule Behind…
BOSTON — A federal judge has halted a Trump administration…
By – Michallie Harrison
SIAA Acquires Canopy in Specialty Insurance…
The insurance landscape is shifting again as SIAA Acquires Canopy,…
By – Tyler Brooks
Diesel Tax Relief: Trump’s Order Could…
WASHINGTON — President Donald Trump’s new diesel tax relief order…
By – Michallie Harrison
Diesel Tax Relief: Trump’s Order Could…
WASHINGTON — President Donald Trump’s new diesel tax relief order…
By – Michallie Harrison
‘We are all Jane Doe’ Cornell…
More than 1,000 Cornell protestors marched across Cornell University’s Ithaca…
By – Jackie Allen
Influencer Sara Gilson Murder-Suicide: 911 Call…
Influencer Sara Gilson was fatally shot by her estranged husband…
By – Jackie Allen
Letitia James Takes Over Cornell 7…
New York Attorney General Letitia James is facing criticism over…
By – Jackie Allen
Russia Plague Scare Follows Lab Worker’s…
A Russia plague scare has prompted medical monitoring and reported…
By – Michallie Harrison
UFO Whistleblower David Grusch Makes Explosive…
A UFO whistleblower has made some of the most extraordinary…
By – Jackie Allen
More Than 20 Groups Organized Massive…
Key Takeaways The massive Oct. 5 demonstration supporting the woman…
By – Samuel Lopez
Starbucks Sued Over ‘Sugar-Free’ Protein Drinks…
What the Starbucks Sugar Fight Comes Down To Starbucks is…
By – Samuel Lopez
OpenAI Sued Over Astra Name As…
What Readers Need to Know TradeSun says it used ASTRA…
By – Samuel Lopez
Shark Tank Boosted Teaspressa Sales —…
Key Takeaways Teaspressa, the Phoenix beverage company that appeared onShark…
By – Samuel Lopez
Trump’s Harvard Funding Fight Hits Appeals…
What the First Circuit Is Really Deciding The First Circuit…
By – Samuel Lopez
DOJ Weaponization Report Exposes How Biden…
Inside the Bureaucracy Internal DOJ and FBI records prove career…
By – Samuel Lopez
NASA Pushes Permanent Moon Base as…
WHAT READERS SHOULD WATCH NASA says astronauts are headed back…
By – Samuel Lopez
DOJ Weaponization Report Exposes How Biden…
Inside the Bureaucracy Internal DOJ and FBI records prove career…
By – Samuel Lopez
Cornell Rape Investigation Reopened As Netflix’s…
Key Takeaways New York Attorney General Letitia James has been…
By – Samuel Lopez
OSHA Wants Overdose Reversal Kits at…
Inside OSHA’s Overdose Playbook for Employers OSHA wants naloxone kept…
By – Samuel Lopez
Google Told Investors Gemini 3.5 Pro…
Key Takeaways A proposed securities class action filed Friday in…
By – Samuel Lopez
Dollar Tree Wins Major Ruling in…
Key Takeaways A federal judge on Friday denied an attempt…
By – Samuel Lopez
NFL Concussion Claims Count as Separate…
What the Coverage Ruling Means Each former player’s claim counts…
By – Samuel Lopez
Halle Berry Hit with Temporary Restraining…
What the Court Order Signals A Los Angeles judge granted…
By – Samuel Lopez
Arnold Schwarzenegger Heads to Jury Trial…
What the Jury Will Decide Schwarzenegger has conceded negligence in…
By – Samuel Lopez
Trump Launches America.gov AI Portal That…
What Americans Need to Know gov is now an AI-powered…
By – Samuel Lopez
Pope Leo XIV Condemns France’s New…
What Readers Should Know Pope Leo XIV used his visit…
By – Samuel Lopez
Strangers Collected $30 Million In ‘Illegal…
What You Need to Know 1. George A. Neukom Jr.’s estate…
By – Samuel Lopez
California Sends Cease and Desist Letter…
What Matters in This Fight California regulators have reportedly ordered…
By – Samuel Lopez
Costco Faces $5 Million Sugar-Free Lawsuit…
By Samuel López | USA Herald Costco Wholesale Corporation is…
By – Samuel Lopez
JJ McCarthy Trade Sends Former First-Rounder…
Two years ago, a franchise spent a top-10 pick on…
By – Tyler Brooks
New York Sues Polymarket Claiming Prediction…
What This Fight Is Really About New York says Polymarket…
By – Samuel Lopez
New York Sues Polymarket Over Alleged…
What’s Riding on the Bet New York says Polymarket’s sports…
By – Samuel Lopez
Roblox widow alleges $6 million scam,…
The Roblox widow says a former companion took $6 million…
By – Jackie AllenNo posts found.
No posts found.
Join the Discussion
Share your thoughts, ask questions, and engage with
other readers. Sign in or create a free account to
comment.