Home » Business » FTX founder Sam Bankman-Fried's net worth estimated at zero: Report
FTX founder Sam Bankman-Fried's net worth estimated at zero: Report
Crypto’s ‘shakeout phase’ will make best companies stronger: Perianna Boring
Bitcoin Foundation chairman Brock Pierce and Chamber of Digital Commerce founder Perianna Boring explain how Sam Bankman-Fried’s FTX cryptocurrency exchange was unexpectedly hit with a mass liquidity crisis on ‘The Claman Countdown.’
Sam Bankman-Fried, the founder of crypto exchange FTX, had a net worth that all but evaporated to zero after it plummeted Friday, following a crisis that forced the company to file for bankruptcy.
The Wall Street Journal reported that Bankman was worth an estimated $16 billion on Monday, making him one of the 100 richest people in the world, citing the Bloomberg Billionaires Index, which tracks the net wealth for some of the world's richest people.
However, by Friday morning, FTX was valued at $1 before the bankruptcy announcement.
"I sincerely apologize," Bankman, a prominent Democratic donor, said in a rapid series of tweets on Thursday. He also promised to continue trying to save the company.