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.”

See also  Binance Encourages Euro to USDT Conversion Amid Paysafe Debank Issue

Recent News

Recent Posts

Disclaimer: The information provided on this website is for informational purposes only. We strive to ensure the accuracy and reliability of the content, but we make no representations or warranties of any kind, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information. The use of this website is solely at your own risk.
We do not endorse or promote any specific cryptocurrencies, projects, exchanges, or investments mentioned on this website. The inclusion of any external links does not imply endorsement or recommendation.
Please note that the cryptocurrency market is highly volatile and involves substantial risks. You should carefully consider your own financial situation and risk tolerance before engaging in any cryptocurrency-related activities.

Related Post

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *