Imagine being a billionaire one day and having nothing the following day, American entrepreneur and CEO Sam Bankman-Fried is this nightmare. Sam Bankman’s net worth initially made him one of the 100 richest people currently living in the world. He is famous for co-founding the cryptocurrency exchange, FTX.
Apart from that, Sam Bankman’s net worth allowed him to expand his business and he even founded Alameda Research. He was at the peak of his career before Sam Bankman’s net worth fell and unattained the unthinkable number one can hope for. The steep decline in Sam Bankman’s net worth in 2022 had made even the crypto investors worry about their future.
So, what are the recent updates about Sam Bankman’s net worth and his life?
Who is Sam Bankman? Learn About His Early Life
Sam Bankman-Fried is a Stanford-born individual who was welcomed by his parents on 6th March 1992. He has been a brilliant student with a knack for learning since both of Sam’s parents were professors at Stanford Law School. Sam automatically became drawn toward utilitarianism when he was young.
He was extremely talented and so, he went to the summer camps meant for gifted students when he was in high school. Sam had a keen interest in mathematics but chose to get a degree in physics from the Massachusetts Institute of Technology. He always pursued doing something big and during his early college days, he wrote blogs about sports, politics, and even utilitarianism.
Sam Bankman’s Career: How He Made His Net Worth
The first job that initiated Sam Bankman’s net worth was his role at the proprietary trading firm, Jane Street Capital. Since he never had so much interest in trading international EFTs, he relocated to Berkeley in 2017. There he was selected as the director of the Centre for Effective Altruism. But his first big move was founding Alameda Research in 2017 for dealing with quantitative trading.
When bitcoin was at its highest in Japan in 2018, he took the opportunity to trade over $25 in bitcoin every day without missing anything. This led to him shifting to Hong Kong to found his company FTX.
JUST IN: Sam Bankman-Fried’s net worth is now $0 down from $16 billion, according to Bloomberg Billionaires Index.
— Watcher.Guru (@WatcherGuru) November 11, 2022
Though the official founding date is 2019, the company owns over 90% of Alameda Research. FTX has raised to become the biggest exchange of crypto derivatives trading. FTX made around $900 million from several companies such as Coinbase Ventures, SoftBank, and more in 2021.
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JUST IN: FTX CEO Sam Bankman-Fried's net worth falls $14.6 billion in the past 24 hours to $991M.
— Watcher.Guru (@WatcherGuru) November 8, 2022
This has led it to have a valuation of $18 billion. And Sam secures a name amongst the richest people under 30. The company kept growing and raised 18 times higher. Sam owned 60% of his company and in January 2022, he made $400 million which resulted in its valuation at $32 billion.
Sam Bankman’s net worth kept increasing and his brands made deals with top-notch brands like Major League Baseball and the Miami Heat. Sam Bankman’s net worth was a major turning point after his companies grew and expanded.
Sam Bankman’s Personal Life
One needs to be extremely focused to reach heights of success like Sam. It is said that he sleeps for only four hours at night and on a bean bag chair which is right next to Sam’s chair. Sam is also a vegan who makes food choices carefully.
Moreover, Sam Bankman’s net worth also helps charities and organizations to attain their goal. He also made political donations like that personally donating $5.2 million for accomplishing Joe Biden’s election campaign.
On Monday, Sam Bankman-Fried had a net worth of $16 billion.
Today, his net worth is $0. pic.twitter.com/EBL6A3mY2K
— Fintwit (@fintwit_news) November 11, 2022
Sam Bankman’s Net worth? Where is He Now?
Sam Bankman’s net worth is estimated to be $0 as of today. It was only on Monday that Sam Bankman’s net worth was estimated to be $16 billion. But by Friday morning, FTX saw its worst, and the company got valued at $1 which led to Sam filing bankruptcy for FTX.
Bankman shared recent updates through a series of tweets and said, “I sincerely apologize,”
“So, right now, we’re spending the week doing everything we can to raise liquidity. I can’t make any promises about that. But I’m going to try. And give anything I have to if that will make it work.”
Sam Bankman-Fried, the co-founder of FTX, lost 94% of his net worth in 1 day https://t.co/9r6hCjO25V
— Bloomberg (@business) November 8, 2022
It is said that the Justice Department and the Securities and Exchange Commission are conducting thorough research if there is any criminal activity involved. Updates are there that FTX may have unlawfully used its customers’ funds for Alameda Research. Thus, until further updated, Sam Bankman’s net worth will be $0.
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Sam Bankman’s net worth may have plummeted from $16 billion to zero just in a period. But will his net worth ever recover? Well, it is sad to see that who was once a billionaire, now has nothing to spend.
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