Sam Bankman-Fried, who at one point was worth $26 billion, says he now has “close to nothing.”
(Bloomberg) — Sam Bankman-Fried, who at one point was worth $26 billion, says he now has “close to nothing.”
The fallen crypto mogul had all his assets in his FTX exchange and sister trading house Alameda Research, and is left with just one credit card linked to a bank account with $100,000, he said in a video interview with columnist Andrew Ross Sorkin at the New York Times DealBook Summit on Wednesday. He said he’s disclosing everything and has no hidden funds.
Bankman-Fried’s demise was swift. In just a few days, he lost $16 billion as his empire spiraled into bankruptcy.
The Bloomberg Billionaires Index has dropped the value of his stakes in FTX and Alameda to zero. It’s also removed his Robinhood Markets Inc. holding from his wealth calculation after a report that it was held through Alameda and may have been used as collateral for loans.
It’s all but impossible to verify whether Bankman-Fried is telling the truth, and the Bloomberg index may not have tracked all of his assets. A report in November said he had more than $500 million with venture capital firms including Sequoia and was an investor in media startup Semafor. But if those assets were held through Alameda, they might have been wiped out by its losses.
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