Sam Bankman-Fried saw nearly all of his net worth wiped out in a day.
His crypto-exchange platform, FTX, was seemingly on the verge of collapse before Binance agreed to buy it on Tuesday.
Bankman-Fried saw his next worth plunge 94% in one day, the largest drop ever for a billionaire, according to Bloomberg.
In March, FTX CEO Sam Bankman-Fried was widely seen as one of the most influential figures in the world of cryptocurrency. As one of history's wealthiest people under 30, he had begun amassing power and influence in a relatively short period. The 20,000-person arena where Miami Heat plays its home games bore the FTX name, and Bankman-Fried was shaping up to be one of the year's largest political donors to the Democratic party.
Then, in just one day, everything changed.
On Tuesday, rival crypto exchange Binance announced it would bail out FTX and help cover its "liquidity crunch" as FTX seemed to be on the verge of collapse as it struggled to meet a sudden demand for withdrawals from investors who feared a crash in crypto prices.
On Monday, Bankman-Fried was considered one of the world's wealthiest people, with a net worth of $16 billion. Today, most of his wealth was likely gutted by FTX's deal with Binance, Bloomberg reports.
The Bloomberg Billionaires Index estimates that Bankman-Fried's net worth crashed by 94% on Tuesday, making it the biggest one-day collapse in wealth ever among billionaires.
The deal with Binance doesn't involve FTX.US, a separate exchange owned by Bankman-Fried.
Bankman-Fried also has holdings in Voyager Digital, the crypto lender that went bankrupt earlier this year, and Robinhood, of which shares closed down nearly 20% on Tuesday.
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