The cryptocurrency entrepreneur known for creating a financial lifeline for struggling companies in the field, Sam Bankman-Fried, has experienced a big loss.
The 30-year-old, also known as SBF, began this week in a solid position with other billionaires, with an estimated worth of over $23 billion.
Now, with the falling of his crypto exchange, FTX, in a few days, he may not hold that same ranking.
His most valuable assests were his holdings in FTX, the crypto exchange that he started, and Alameda, a crypto trading house.
The Bloomberg index predicts that SBF and all other stakeholders in the exchange will be wiped out. This would then result in FTX and Alameda being worthless if they are bailed out by Binance.
That would mean that SBF’s net worth would fall to about $1.5 billion which is a 94% decrease. This would be the largest one-day loss by a person documented by the index.