One of the world’s billionaires is a billionaire no more.
Sam Bankman-Fried, the FTX CEO, has lost a staggering 93% of his net worth in a single day.
The Bloomberg Terminal updated his net worth from $16B to $991M in a single day.
Bankman-Fried’s tumble from the platform of the elites comes as FTX’s native crypto coin dropped in value by 83%.
The coin has recovered somewhat, but many people are comparing Bankman-Fried to Mark Zuckerberg, who also saw a staggering amount of personal wealth evaporate over the past year.