Big loss for billionaires: What happened to Elon Musk and Sam Bankman Fred ?
In a matter of weeks, two major players in the tech industry have seen their net worth drop by the billions, due in part to their business decisions.
Apparently, Sam "SBF" Bankman-Fried; Former CEO of cryptocurrency trading platform FTX; He had nearly $24 billion in March and $16 billion on November 7; But now he is no longer eligible to join the Bloomberg Billionaires Index. Some reports state that through his holdings in cryptocurrency and stock trading platform Robinhood, FTX, and Alameda Research; SBF may face serious financial difficulties in the coming days.
Several cascading effects of FTX liquidity issues spread throughout the crypto space in the course of a week. Bankman-Fried stated on November 7 that "FTX assets are doing fine" in a now-deleted tweet; He denied several reports about the company's liquidity, describing them as "false rumours". It was later announced that FTX was working on a potential deal with Binance to deal with the "liquidity crunch". But the case collapsed within 48 hours. SBF Bank resigned and announced that FTX was filing for bankruptcy in the US less than two days later.