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This 30-year-old billionaire became pauper overnight! $14.6 billion sunk within 24 hours

This 30-year-old billionaire became pauper overnight!

FTX co-founder Sam Bankman-Fried: FTX CEO Sam Bankman-Fried became a pauper overnight. His net worth dropped by about 94 percent in one day. His wealth dropped to $991.5 million, while he was an owner of $15.2 billion. According to a Bloomberg report, this is the biggest drop in the wealth of any billionaire in a single day.

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This earthquake came in the fortunes of 30-year-old Sam Bankman-Fried when he announced that his crypto exchange FTX was going to be bought by rival Binance.

In a tweet, Changpeng Zhao, head of the world’s largest cryptocurrency platform Binance, said that he has signed an agreement to buy FTX. He said that this small crypto exchange is going through a cash crunch. Soon after the deal was announced, Zhao also shared two investment mantras.

According to Coindesk, Sam Bankman-Freud had a net worth of $15.2 billion before the news of the FTX sale broke. Overnight his wealth decreased by 14.6 billion dollars. For Freud, a 30-year-old billionaire, it was no less than a shock. He is known as SBF on social media. In August, Fortune magazine even said that Sam Bankman-Freud could be the next Warren Buffett.

Tech news website The Information reported Thursday that he had invested more than $500 million in funds managed by Sequoia and other venture capital firms, and was also an investor in media startup Semaphore. But if those assets are held through Alameda they can be removed from its loss.

For his part, Bankman-Fried is being investigated by the US Securities and Exchange Commission for possible violations of securities regulations, a person familiar with the matter said.

Please tell that the parents of Sam Bankman-Freud are professors at Stanford Law School. Freud did his studies from the famous Massachusetts Institute of Technology (MIT). Before venturing into the world of cryptocurrency in 2017, he also worked as a broker in Wall Street.

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