SBF tumbles from Bloomberg's Billionaires Index after problems at FTX
Sam Bankman-Fried no longer ranks in Bloomberg's Billionaires Index top 500, but CZ remains at #87.< /p>
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Crypto billionaire Sam Bankman-Fried may no longer be able to claim the title of "billionaire" after an estimated 94% drop in his personal wealth overnight, according to the Bloomberg Billionaires Index.
>Bankman-Fried once ranked high on Bloomberg's Wealth Index, with an estimated net worth of $26 billion at his peak. However, the crypto entrepreneur no longer appears in the top 500.
On Nov. 9, the outlet reported that his personal fortune would be "likely" to be "gutted" should the sale of his FTX exchange to rival Binance go through.
Before the Binance takeover announcement, Bankman-Fried's 53% stake in FTX was worth around $6.2 billion. He also retained ownership of Alameda Research, adding another $7.4 billion to his personal fortune.
The Bloomberg Wealth Index assumes that Bankman-Fried and existing investors will be wiped out by the takeover of Binance, and values both companies at just $1.
That means Bankman-Fried is now worth around $1 billion, down from $15.6 billion on Nov. 8 in the "biggest one-day meltdown ever among billionaires tracked by Bloomberg."
Details of the takeover have yet to be disclosed, but it does not include the US arm of the exchange, FTX.US. The US-only exchange was valued at around $8 billion at the start of the year.
The agreement between the exchanges so far is only a non-binding letter of intent that Binance is able to "opt out of [...] at any time", according to Bankman-Fried.
Related: SBF calls for collaboration with Binance "for the ecosystem"
On November 8, Zhao published his "two great lessons"
Sam Bankman-Fried no longer ranks in Bloomberg's Billionaires Index top 500, but CZ remains at #87.< /p>
New
Crypto billionaire Sam Bankman-Fried may no longer be able to claim the title of "billionaire" after an estimated 94% drop in his personal wealth overnight, according to the Bloomberg Billionaires Index.
>Bankman-Fried once ranked high on Bloomberg's Wealth Index, with an estimated net worth of $26 billion at his peak. However, the crypto entrepreneur no longer appears in the top 500.
On Nov. 9, the outlet reported that his personal fortune would be "likely" to be "gutted" should the sale of his FTX exchange to rival Binance go through.
Before the Binance takeover announcement, Bankman-Fried's 53% stake in FTX was worth around $6.2 billion. He also retained ownership of Alameda Research, adding another $7.4 billion to his personal fortune.
The Bloomberg Wealth Index assumes that Bankman-Fried and existing investors will be wiped out by the takeover of Binance, and values both companies at just $1.
That means Bankman-Fried is now worth around $1 billion, down from $15.6 billion on Nov. 8 in the "biggest one-day meltdown ever among billionaires tracked by Bloomberg."
Details of the takeover have yet to be disclosed, but it does not include the US arm of the exchange, FTX.US. The US-only exchange was valued at around $8 billion at the start of the year.
The agreement between the exchanges so far is only a non-binding letter of intent that Binance is able to "opt out of [...] at any time", according to Bankman-Fried.
Related: SBF calls for collaboration with Binance "for the ecosystem"
On November 8, Zhao published his "two great lessons"
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