SBF drops out of Bloomberg’s billionaire index following FTX problems.

by Nov 13, 2022CryptoNews0 comments

On Bloomberg’s billionaire index, Sam Bankman-Fried is no longer in the top 500, but CZ is still ranked 87.

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

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

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

Bankman-Fried’s 53% share in FTX was valued at around $6.2 billion prior to the Binance takeover announcement. He also retained control of Alameda Research, bringing his personal fortune to $7.4 billion.

The Bloomberg wealth index estimates that the Binance merger would wipe out Bankman-Fried and current investors, and values the two firms at $1.

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

The terms of the takeover have not been disclosed, however, it does not involve the exchange’s US branch, FTX.US. Earlier this year, the all-American exchange was valued at roughly $8 billion.

According to Bankman-Fried, the agreement reached so far is merely a non-binding letter of intent that Binance can “draw out of […] at any time.”

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