Sam Bankman-Fried's personal fortune has tanked 94% in just a day, according to the Bloomberg Billionaires Index.
Before the Binance takeover announcement, Bankman-Fried’s 53% stake in FTX was worth around $6.2 billion. He also maintained ownership of Alameda Research, adding a further $7.4 billion to his personal fortune.
The Bloomberg wealth index assumes that Bankman-Fried and existing investors will be wiped out by the Binance takeover, and values the two companies at just $1. This means that Bankman-Fried is now worth around $1 billion, down from $15.6 billion on Nov. 8 in the “biggest one-day collapse ever among billionaires tracked by Bloomberg.”
Details on the takeover have not been divulged yet but it does not include the U.S. arm of the exchange, FTX.US. The American-only exchange was valued at around $8 billion earlier this year. The agreement between the exchanges so far is only a non-binding letter of intent which Binance is able"to pull out from [...] at any time" according to Bankman-Fried.
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