Sam Bankman-Fried, crypto billionaire and chief executive at digital asset exchange FTX, could see his net worth shrink by more than $13.6 billion if Binance’s proposed acquisition of FTX is completed.
Sam Bankman-Fried, crypto billionaire and chief executive at digital asset exchange FTX, could see his net worth shrink by more than $13.6 billion if Binance’s proposed acquisition of FTX is completed, according to an estimate by Bloomberg.
Bankman-Fried, a 30-year-old graduate from the Massachusetts Institute of Technology, amassed his fortune of billions quickly within just five years in crypto, through his digital asset trading house Alameda Research and exchange FTX. He has been referred by some industry participants as the crypto version of J.P. Morgan JPM, +0.06% after his companies offered lines of credit or equity to some struggling firms like BlockFi and Voyager at various times this year.Of Bankman-Fried’s more than $15.
Bankman-Fried is also one of the biggest stakeholders in financial services company Robinhood Markets Inc. HOOD, -19.04%, accounting for more than $677 million of his net worth. He has roughly $650 million liabilities, Bloomberg noted.
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