Sam Bankman-Fried, a crypto scion who this year pledged to donate $1 billion to Democratic causes, has no wealth.
The Democratic megadonor lost his entire $16 billion wealth after Bankman-Fried’s cryptocurrency business, FTX, filed for bankruptcy and he left his position as CEO.
The collapse of his crypto empire, which filed for bankruptcy along with his departure on Friday, has rendered the assets of the businessman once compared to John Pierpont Morgan, worthless.
FTX's Sam Bankman-Fried lost $16 billion within days, according to the Bloomberg Billionaires Index. His net worth is $0 today. pic.twitter.com/cPqM6fWhnM
— Libs of Vorz (@libsofvorz) November 11, 2022
The 30-year-old’s worth was $26 billion at its highest point, and it was still almost that much at the beginning of the week.
Aides to Bankman-Fried quit on Thursday. They claimed in a letter that the FTX leadership might have acted dishonestly or deceitfully.
“We are now unable to perform our work or process grants, and we have fundamental questions about the legitimacy and integrity of the business operations that were funding the FTX Foundation and the Future Fund. As a result, we resigned earlier today.”
Just a few months prior, Bankman-Fried was a familiar face at the White House who took part in discussions. FTX is now under investigation by the Securities and Exchange Commission and Commodity Futures Trading Commission on allegations of improper management of customer funds.
