The Bloomberg Terminal updated its estimate of FTX CEO Sam Bankman-Fried’s net worth on Nov. 8 to $991 million, up from $16 billion the day before.
The scaled-down estimate of SBF’s billionaire status haul comes as the FTX exchange’s native token, FTT, fell more than 83% from a daily high of $20.47 to just $2.67. Most of SBF’s assets are tied to his business activities at both FTX and Alameda Research. In other words, the FTT token price reduction will have a direct impact on his personal wealth.
The crypto community on Twitter has never hesitated to add comedy to tragedy, sharing memes and anecdotes comparing SBF to Mark Zuckerberg and the fictional character Russ Hanneman from the TV show Silicon Valley. Hannemann had a similar experience, losing his “Comma 3” status and becoming “just” a billionaire. Additionally, many users commented that SBF’s downfall has outpaced most retail investors’ losses in 2022.
Watch live inside the SBF house rn: https://t.co/FUexsxezLN
— _ (@ms75015577) November 8, 2022
The FTT token has recovered somewhat, up 83% from its daily low of $4.77 at the time of writing. SBF is also known to hold Voyager Digital, Robinhood, Alameda Research and Blockphi.