Sam Bankman-Fried’s net worth fell 93% in 1 day, loses Billionaire status News ▸ FTX ▸ Bear Market
Sam Bankman-Fried’s net worth fell 93% in 1 day, loses Billionaire status
SBF loss over $15B in one day according to data reviewed from the Bloomberg Terminal
1 min read
Updated: Oct. 16, 2023 at 3:34 am UTC
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The Bloomberg Terminal has updated its estimate of FTX CEO Sam Bankman-Fried’s net worth on Nov. 8 to $991 million, down from $16 billion the day before.
The reduced estimate that takes away SBF’s billionaire status comes as the native token of the FTX exchange, FTT, fell over 83% to a low of just $2.67 from a daily high of $20.47. A large percentage of SBF’s wealth is tied to his business activities with both FTX and Alameda Research, meaning a reduction in the price of FTT tokens would directly affect his personal wealth.
The crypto community on Twitter, never to shy away from adding comedy to tragedy, shared memes and anecdotes comparing SBF to Mark Zuckerberg and the fictional Russ Hannemann from the TV show Silicon Valley. Hannemann had a similar experience losing his “3 commas” status, becoming “just” a multimillionaire. In addition, many users commented that SBF’s fall from grace outweighs most retail investors’ 2022 losses.
Live look inside SBF’s house rn: https://t.co/FUexsxezLN
— _ (@suedetrades) November 8, 2022
The FTT token has recovered somewhat as it trades up 83% from its daily low at $4.77 as of press time. SBF is known to also have holdings in Voyager Digital, Robinhood, Alameda Research, and BlockFi, which make up some of his still multi-million fortunes.
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Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
BlockFi
BlockFi is a defunct cryptocurrency lender company which is currently in bankruptcy proceedings.
Voyager
Voyager Digital is a bankrupt cryptocurrency exchange company in the United States that was founded in 2018.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.