According to data from the most recent Bloomberg Terminal, updated on November 8th, FTX CEO Sam Bankman-Fried’s net worth underwent a stinging downfall.
In the last couple of days, FTX went through a rollercoaster of emotions after its competitor, Binance announced that the exchange would be liquidating FTT assets in the near future.
$280-Million lost in 3 Days
On Friday, stablecoin reserves on FTX fell to US$ 114 million, down from US$ 394 million three days earlier.
As a result of the announcement, the price of the FTT plummeted, causing concern in bigger cryptocurrency markets, with Solana, a token backed by the exchange, plunging by 7.1%.
After FTX suffered catastrophic losses in its assets, Changpeng Zhao – CEO of Binance – announced that the world’s largest blockchain would be acquiring FTX.
As a result of the turmoil between two of the most important cryptocurrency exchanges in the world – leading assets like bitcoin and Ethereum suffered major losses in their value this week.
Net Worth Revised, Sam Bankman-Fried No Longer a Billionaire
On November 8, the Bloomberg Terminal revised its estimate of FTX CEO Sam Bankman-Fried’s net worth to $991 million, down from $16 billion the day before.
These numbers indicate that SBF’s net worth decreased by over $15 billion, losing 93.86% of its value in 24 hours.
Most of Bankman-Fried’s assets are tied to his endeavors as FTX CEO. This means that when the FTT token went down by nearly 85%, his net worth also suffered a severe hit during the process.
FTT Token Value Plummeted
The lower estimate, which deprives SBF of billionaire status, comes after the FTX exchange’s native token, FTT, plummeted more than 83% to a low of $2.67 from a daily high of $20.47.
Due to the major portion of SBF’s wealth being linked to his commercial activities with both FTX and Alameda Research, a drop in the price of FTT tokens would have a direct impact on his personal fortune.
However, after Binance’s acquisition of FTX, many expect the FTT token to bounce back from its nearly 90% devaluation that occurred in the past couple of days.
If this happens, Sam Bankman-Fried could return to the “three comma list” real soon.
