This is already considered the largest drop of a multi-million dollar fortune in just one day. Cryptocurrency tycoon Sam Bankman-Fried CEO of FTX, was worth $16 billion at the start of the week but lost 94% of its value to $1 billion..
Second report bloombergThe 30-year-old billionaire announced that his crypto asset exchange company, FTX will be sold to its competitor Binance to address liquidity issues.🇧🇷 It is reported that his stake in the company was 53%, valued at $6.2 billion. The rest of his $7.4 billion fortune comes from another cryptocurrency trading company, Alameda Research.
Bloomberg says that after the purchase of FTX by Binance Both FTX and Alameda are now $1 each, bringing down the value of Sam Bankman-Freed’s biggest companies..
O business insider argues that losses of this magnitude are normal for the richest people in the world, but no one has lost such a large share in one day. And he gives an example of how Mark Zuckerberg lost 29 billion on February 3, but the state on that day was estimated at 84.3 billion.. Elon Musk and Jeff Bezos are also seeing their fortunes fluctuate, with multi-billion dollar losses.especially those related to the technology industry.
The cryptocurrency industry is highly volatile and can either turn investors into millionaires one day or devastate fortunes the next. There have been sharp drops in the market that are considered as the crash of the cryptocurrency, which has already resulted in losses of $600 billion, affecting all companies in the sector. Binance Founder Changpeng Zhao Lost $79.4 Billion of His Wealth Due to Crash.
