Almost entire fortune vanished into thin air: crypto billionaire loses 15 billion in one day

Statistical Trader said:
Yeah, as of yesterday his net worth was down to "only" $991 million. He's not broke (yet).

https://cryptoslate.com/sam-bankman-frieds-net-worth-fell-93-in-1-day-loses-billionaire-status/

Someone with access to a Bloomberg Terminal could confirm definitively, but at the above link they state, "The Bloomberg Terminal has updated its estimate of FTX CEO Sam Bankman-Fried’s net worth on Nov. 8 to $991 million, down from $16 billion the day before."
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Saw a story which suggest he'd "need all of what's left for legal fees"...
 
The funniest part is some of the crypto bros here saying they've been recently short the same stuff they've been pumping for years and now they allegedly made huge returns. At least we could respect someone being wrong and defending their position, but to suddenly become a visionary trader in the teeth of the reckoning that so many of us saw coming... prolly nuthin though.
 
https://www.cnbc.com/2022/11/09/bin...crypto-exchange-on-the-brink-of-collapse.html
https://www.cnbc.com/2022/11/09/binance-ceo-says-he-didnt-master-plan-ftx-collapse.html
2022-11-09_224927.gif

Market cap should be less than $ 240 million now. So CEO Sam Bankman-Fried lost even more in the last hours.
 
jys78 said:
Latest is he's filing personal BK. Guess there's a reason he lives in the Bahamas.
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Jesus, if he's worth, say, 200 million now, how much fucking debt did he incur that a bankruptcy court would grant him it? Did he gather loans of billions of dollars to buy crappy stuff to enjoy as lines of credit? I do not understand billionaires and their thinking.
 
Shares/coins/tokens that he didn't pay a single dime for in the first place. Founders of startups get their stock shares for free or a absurdly low purchase price of $0.00001 per share.
 
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