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Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight, marking the biggest one-day wealth collapse among billionaires on record

Matthew Loh   

Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight, marking the biggest one-day wealth collapse among billionaires on record
  • FTX CEO Sam Bankman-Fried lost 94% of his net worth on Tuesday, $4
  • That marks the biggest single-day drop in a billionaire's fortune compared to their total net worth.

FTX CEO Sam Bankman-Fried, who was worth $16 billion earlier this week, saw his fortune gutted by 94% to $1 billion on Tuesday. It marks the biggest wealth collapse a billionaire has ever taken in a single day, $4

On Tuesday, the 30-year-old CEO $4 that his crypto exchange FTX is being sold to rival firm Binance in order to relieve a severe 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 biggest holdings.

Sudden losses of this magnitude are common among the world's richest people, but never has a billionaire parted ways with such a gigantic proportion of their fortune within one day. Meta founder Mark Zuckerberg $4, but his net worth was still estimated at $84.3 billion that day.

In November 2021, Tesla CEO Elon Musk $4 when he polled Twitter users if he should sell 10% of his stake in his automaker — but he remained the world's richest person by the week's end.

Similarly, Amazon founder Jeff Bezos retained his position as the world's second-wealthiest man in 2019 despite seeing $4 when he gave up 25% of his Amazon stock to settle his divorce with his former wife MacKenzie Scott.

One billionaire who came close to Bankman-Fried's new record is trader Bill Hwang, who in March 2021 lost his entire $4 after his company Archegos Capital Management defaulted on its loans. The Justice Department $4, including fraud, with prosecutors accusing him of inflating his portfolio to borrow more from banks. He and his former CFO have pleaded $4 to the charges.

Bankman-Fried's losses come in the wake of a $4 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 $4



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