Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. But as his crypto exchange, FTX, collapsed, the value of his assets was reduced to zero in what Bloomberg called “one of history’s greatest-ever destructions of wealth.” FTX on Friday said it filed for bankruptcy, and Bankman-Fried, known as SBF, resigned as chief executive.
He told Reuters in July that he and FTX still had a “few billion” on hand to shore up other firms and help stabilize the industry. Bankman-Fried owns about 70% of FTX’s US business, which the index now estimates to be essentially worthless. His stake in online brokerage Robinhood, previously valued at more than $500 million, was removed from Bloomberg’s calculation after news reports said that stake was held through Alameda and may have been used as collateral for loans.
Portrait of an unsuccessful money launderer
Interview April 25, 2022 with Sam Bankman-Fried - Described Yield Farming and Left Matt Levine Stunned
ceobillionaire Monday, I'm a billionaire. Tuesday, funds are not so safe now. Wednesday, I don't even care. Thursday, debtors are knocking on my door, and Friday, I'm on the run.
And millions laundered back to democrats ? Crazy
Unless he is in on the hacking? TBD
The downfall of a man is never the end of his life. There’s more fortune ahead, Go for diamonds instead of gold.
Impeccable timing to get that donor $ just before the rest disappeared.
afrdiasporanews kengandanation DrMumbiSeraki rolandsmartin RealDLHughley
Is not the whole point of the blockchain that it is decentralized and has a public ledger that is secure and transparent? More work to be done in this space because I do not see the government incentivized to regulate it. crickets
Yes…crypto is a pyramid scheme…..fraud fraud
Took a flight with a plane full of good bars.
Intangible and volatility.
Well he has over $400mm that was allegedly lost by his company, and he's probably moving to Israel as we speak, where he'll be a national hero. The jews have it made, in America.
shape retirement👎
Give his money away pay people back
Crypto. Sounds like a wise investment.......
You did not listen now its all gone
And Sunday wakes up in prison.
1 down.
2nd largest Dem donor ($50m) next to Soros.
That's crypto. Put your life savings in it ... what could go wrong?
Loser - lol 😂 but he need’s to have planes houses cars taken away.
Who
The Democrats 2 overall donator.
The moral of the story is: Next time when u are gonna do something like buying crypto or investing in something because some billionaire said it is good, you should look how billionaires run things and reconsider that decision :)
Y'all late af
You have no damn clue what he is REALLY worth. Conduct more due-diligence and come back with than this 🧐.
Don't kid yourself. These guys are never broke. They have a plan b c d e.... They've got money stashed all around the world, lots of it in cash.
i've got some monopoly money i can sell him
O I’m sure he’s got enough to buy a few islands still somewhere
He should be behind bars.
Looks like as far as money goes he’s out of stock. 😆
You suckers got what you deserved 😂😂😏
Is come easy go
He promised The Democratic party 1 Billion Dollars. He better pay up. HC will come looking for him. This is pure speculation and I have no proof of these allegations.
Good.
Sam’s bank was fried man
I'm devastated, just totally heartbroken really. 🤣🤣
Why is he, a man, hyphenating his name?
I love seeing rich people stumble. Welcome to the real world, Sam
Remind me again why I should invest in crypto? I’ll take singles all day long with Costco, JP Morgan, and Chevron.
This article is not complete. There are allegations that he funneled money into another account.
Ahem…. Crypto is a scam. Pass it on.
Lmao....I hope every crypto investor goes bankrupt.
16 billion loss! Im sure with a little work I could create monopoly money in that very amount. Now it will make you feel important for about 10 seconds. You know like cryptocurrency does? Then the truth creeps into your billionaire fantasy and you're sweeping floors again.
Are you going to mention his massive contributions to the Democratic Party?
Welcome to the world of Crypto.
Boohoo
He still has a 10% stake in HOOD, no?
Dogecoin is the only crypto making money right now
That’s what happens when you are a crook and a fraud
Damn never woulda saw that coming
One down....
Wait. I heard that Sam donated his $16 billion to Ukraine AND paid off our nation’s student loan debt. Someone please clarify.
🙌💯
Made a lot of 💰 but decided to keep all his 🥚🥚 in ☝️ 🧺 , well the crypo 🎥 continues 👀
Friend of Musk's?
I am confused here if you earn money should you not set it on a other bankaccount. Also keep money aside for times like this or am I oldskool
Money isn’t real.
They got em!😳
Amateur
Thought that is BrendanFevola25
😂 haha
🥵🥵🥵🤤
Nothing is permanent Herr on earth m just how many. Have been victimized by this button. Just a bit it's gone !?😴😝😒
fpleitgenCNN 🤷♂️
fpleitgenCNN LarryWasRight
Always diversify!!!
Back on the labour with him. Double week at Xmas he be grand
FTX was a psyop
Crypto = Monopoly money -- You play, you pay!
I'll never understand why people fell for this shit. It's so stupid like NFT. Hard earned money blown on BS.
Mildly reminiscent of the precious metals craze and crash in the earth 20th century.
Is his name a stunt…🤷🏻♀️
All currency is imaginary, but cryptocurrency is more imaginary than most.
Don't worry! Blockchain something, something...
What did you want, CNN? A bail out? 'Too Big to Fail' lie is why the world is in trouble Let those who take risk reap the rewards and eat their losses Them the brakes
Ponzi scheme
So it’s true. I was told all these things are just like gambling.
Wait what how 🤔
Monopoly money worth more.
This hasn’t been a good week for billionaires in general - Musk, Trump, and this tool.
Yet another reason for a wealth tax. Society would have at least benefited before he was wiped out. Now no one gets anything.
Today Fake money ,fake billionaire Tomorrow real tramp !!😂😂
At least he still has his ripped abs.
Hide the shoe strings….and razor blades.
It's was all a set up to regulate crypto and to fund Bidens campaign
Yikes 😬
How could you have that much dough and not diversify? Unbelievable.
One would have thought he would have tucked a few hundred million somewhere else?
It’s like Tulip mania all over again. History repeats itself.
Billionaire my ass. What a foolish headline.
Do Elon Next. Pretty Please. I asked Nicely. Haha. I have always thought crypto was a scam. Clearly I was right. Actual tangible money doesn't lose value like crypto does.
HODL! Diamond hands!! LMAO
Easy come, easy go..
He knew well before Monday morning he wasn’t a billionaire anymore. The public didn’t know yet
Unless he had straight up cash in the bank, you can’t say he was a billionaire. Just like Elon doesn’t actually have any money.
Easy come easy go