Sam Bankman-Fried’s Net Worth Plunged 93% in One Day and He is No Longer a Billionaire

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Last Updated on November 9, 2022 by Bitfinsider

The Bloomberg Terminal decreased its estimate of FTX CEO Sam Bankman-net Fried’s worth on November 8 from $16 billion to $991 million.

SBF’s status as a billionaire has been eroded after the native token of the FTX exchange, FTT, plummeted by nearly 83% from its daily high of $20 to a low of $2.67. A significant portion of SBF’s fortune is related to his commercial activities with FTX and Alameda Research, so a decrease in the price of FTT tokens would have a direct impact on his net worth.

Never shying away from bringing humor to sadness, the crypto community on Twitter tweeted memes and anecdotes connecting SBF to Mark Zuckerberg and the fictional Russ Hannemann from Silicon Valley. Hannemann had a comparable sensation when he lost his “3 commas” status and became “merely” a multimillionaire. In addition, numerous people stated that SBF’s fall from grace exceeds the losses of the majority of ordinary investors in 2022.

As of writing, the FTT token has recovered somewhat, trading 13% higher than its daily low of $5.77. SBF is also believed to have investments in Voyager Digital, Robinhood, Alameda Research, and BlockFi, which contribute to his multimillion-dollar income.

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