Bankman-53% Prior to the news of Binance’s acquisition, Fried’s share in FTX was valued at around $6.2 billion.
Sam Bankman-Fried, a crypto billionaire who lost 94% of his personal wealth overnight, may no longer be able to use the moniker “billionaire,” according to the Bloomberg Billionaires Index, Cointelegraph reported.
With a peak net worth of $26 billion, Bankman-Fried was once a top rider on Bloomberg’s wealth index, according to Cointelegraph. However, the crypto entrepreneur is no longer included in the top 500.
The site said on Nov. 9 that his personal riches would be “eviscerated” if his FTX exchange were to be sold to competitor Binance.
Bankman-53% Prior to the news of Binance’s acquisition, Fried’s share in FTX was valued at around $6.2 billion. Alameda Research was still under his control, boosting his total net worth to $7.4 billion. According to Cointelegraph, the Bloomberg wealth index values the two businesses at $1, assuming that the Binance merger will wipe out Bankman-Fried and current investors.
As a result, Bankman-net Fried’s net worth, which was $15.6 billion on November 8 but is now just about $1 billion, has seen the “largest one-day decline among billionaires monitored by Bloomberg.”
In the past 12 hours, the exchange’s native token, FTX, which has been at the core of this most recent crypto pandemic, has fallen by 75%. According to Cointelegraph, the defunct FTT token was selling for $4.86 at the time of writing, down 94% from its peak of $84.18 in September 2021.
