FTX CEO descends Bloomberg’s billionaire index after trouble at the company | The Financial Express

FTX CEO descends Bloomberg’s billionaire index after trouble at the company

Bankman-53% Fried’s stake in FTX was worth approximately $6.2 billion prior to the Binance takeover announcement.

FTX CEO descends Bloomberg’s billionaire index after trouble at the company
The exchange's native token, FTX, which has been at the epicentre of this latest crypto contagion, has dropped 75% in the last 12 hours.

According to the Bloomberg Billionaires Index, crypto billionaire Sam Bankman-Fried may no longer be able to claim the title “billionaire” after a 94% drop in his personal wealth overnight, Cointelegraph stated.

Cointelegraph further noted that Bankman-Fried was once a top rider on Bloomberg’s wealth index, with a peak net worth of $26 billion. The crypto entrepreneur, however, is no longer among the top 500.

On Nov. 9, the outlet reported that if his FTX exchange is sold to rival Binance, his personal fortune will be “eviscerated.”

Bankman-53% Fried’s stake in FTX was worth approximately $6.2 billion prior to the Binance takeover announcement. He also retained ownership of Alameda Research, bringing his personal fortune to $7.4 billion. The Bloomberg wealth index assumes that the Binance takeover will wipe out Bankman-Fried and existing investors, and values the two companies at $1, Cointelegraph noted.

This means that Bankman-net Fried’s worth has dropped to around $1 billion, down from $15.6 billion on November 8 in the “biggest one-day drop ever among billionaires tracked by Bloomberg.”

The exchange’s native token, FTX, which has been at the epicenter of this latest crypto contagion, has dropped 75% in the last 12 hours. The defunct FTT token was trading at $4.86 at the time of writing, down 94% from its peak of $84.18 in September 2021, Cointelegraph further noted. 

(With insights from Cointelegraph)

Also Read: Binance CEO shares ‘lessons’ after FTX’s liquidity crunch

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First published on: 09-11-2022 at 15:35 IST