Crytpo - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org Let No Man Take Your Crown Wed, 09 Nov 2022 21:12:33 +0000 en-US hourly 1 https://www.garnertedarmstrong.org/wp-content/uploads/2024/05/cropped-Screen-Shot-2024-05-16-at-1.06.13-PM-32x32.png Crytpo - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org 32 32 Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight, marking the biggest one-day wealth collapse among billionaires on record https://www.garnertedarmstrong.org/crypto-tycoon-sam-bankman-fried-lost-94-of-his-fortune-overnight-marking-the-biggest-one-day-wealth-collapse-among-billionaires-on-record/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-tycoon-sam-bankman-fried-lost-94-of-his-fortune-overnight-marking-the-biggest-one-day-wealth-collapse-among-billionaires-on-record Wed, 09 Nov 2022 21:12:33 +0000 https://www.garnertedarmstrong.org/?p=42935 FTX CEO Sam Bankman-Fried, who was worth $16 billion earlier this week, saw his fortune gutted by 94% to $1 billion on Tuesday. It marks the biggest wealth collapse a billionaire has ever taken in a single day, per Bloomberg. … Read More

The post Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight, marking the biggest one-day wealth collapse among billionaires on record first appeared on Garner Ted Armstrong Evangelistic Association.

]]> FTX CEO Sam Bankman-Fried, who was worth $16 billion earlier this week, saw his fortune gutted by 94% to $1 billion on Tuesday. It marks the biggest wealth collapse a billionaire has ever taken in a single day, per Bloomberg.

On Tuesday, the 30-year-old CEO announced that his crypto exchange FTX is being sold to rival firm Binance in order to relieve a severe liquidity crunch. Bankman-Fried’s 53% stake in FTX was worth $6.2 billion, while another $7.4 billion of his fortune came from his crypto trading house, Alameda Research, Bloomberg reported.

With Binance’s acquisition of FTX, Bloomberg’s wealth index now values both FTX and Alameda at $1 each, wiping out the perceived worth of Bankman-Fried’s biggest holdings.

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Source: https://www.businessinsider.com/sam-bankman-fried-net-worth-drop-biggest-one-day-collapse-2022-11

 

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The post Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight, marking the biggest one-day wealth collapse among billionaires on record first appeared on Garner Ted Armstrong Evangelistic Association.

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