Sam Bankman-Fried's Net Worth Fell 93% In 1 Day, Loses Billionaire Status

The Bloomberg Terminal has updated its estimate of FTX CEO Sam Bankman-Fried's net worth on Nov. 8 to $991 million, down from $16 billion the day before. CryptoSlate reports: The reduced estimate that takes away SBF's billionaire status comes as the native token of the FTX exchange, FTT, fell over 83% to a low of just $2.67 from a daily high of $20.47. A large percentage of SBF's wealth is tied to his business activities with both FTX and Alameda Research, meaning a reduction in the price of FTT tokens would directly affect his personal wealth. The crypto community on Twitter, never to shy away from adding comedy to tragedy, shared memes and anecdotes comparing SBF to Mark Zuckerberg and the fictional Russ Hannemann from the TV show Silicon Valley. Hannemann had a similar experience losing his "3 commas" status, becoming "just" a multimillionaire. In addition, many users commented that SBF's fall from grace outweighs most retail investors' 2022 losses.

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