Crypto billionaire Sam Bankman-Fried plans to give away 99% of his money as the FTX CEO embraces 'effective altruism' and shuns luxury
- Sam Bankman-Fried, the 30-year-old founder of
FTX, wants to give away 99% of his money, according to Bloomberg.
- He is driven by a philosophy called "effective altruism," which is based on mathematical decision making.
The billionaire founder of
Despite running a multibillion-dollar global crypto exchange, the 30-year-old drives a Toyota Corolla, lives like a college student, and has a goal of making as much money as possible so that he will have more to give 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 MIT-grad learned of effective altruism in 2012, his junior year of college. The philosophy uses mathematical calculations to determine how people could do the most good with their money and time.
In particular, 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
These days, he can be found sleeping on a bean bag, playing video games while giving talks on Zoom at conferences, and living with groups of friends. Nonetheless, his blasé attitude doesn't distract him from what he sees as doing the right thing.
In February after Russia invaded Ukraine, the FTX founder said his crypto exchange gave 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."
- At least 21 people, mostly teens, were found dead in a South Africa bar. None of them had any visible wounds.
- Lay’s, Kurkure and Bingo are taking over Indian snacks like Aloo Bhujia, Murukku
- More than $100,000 raised for loyal Burger King employee of 27 years in GoFundMe campaign after video shows him getting 'goody' bag as reward
- Akash Ambani to head Reliance Jio - that’s just phase I of Mukesh Ambani’s succession plan
- Maha crisis: Thackeray appeals to the rebels to come back
- Tata Motors to increase price of its commercial vehicle segment from July 1
- Best drilling machine for home use in India
- Atal Bihari Vajpayee's biopic is on the works based on the book, The Untold Vajpayee