Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Wealth how to lose billions

After resigning as CEO and the company filed for bankruptcy, FTX co-founder Sam Bankman-Fried has lost nearly all of his multibillion dollar fortune. (Photo by Jabin Botsford/The Washington Post via Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

Full bio


Learn about our editorial policy

Nov 11, 2022

Losing $16 Billion in Three Days

FTX’s collapse has been one of the most dramatic and sudden losses of wealth in recent history.

Key Details

  • In just a matter of a few days, FTX co-founder Sam Bankman-Fried has lost nearly his entire $16-billion fortune.
  • The cryptocurrency exchange filed for bankruptcy on Friday while Bankman-Fried resigned from the company, rendering all of his assets worthless. 
  • At the company’s peak, 30-year-old Bankman-Fried was worth $26 billion. 
  • FTX is now valued at $1 by Bloomberg Billionaires Index.
  • Bankman-Fried also had a $500 million stake in Robinhood, but this is also considered worthless as it was held through Bankman-Fried’s trading house Alameda which was also part of the bankruptcy filing. 

Why it’s news

On Friday, FTX announced that Bankman-Fried had resigned as CEO and the company was filing for bankruptcy. John J. Ray III taking Bankman-Fried’s place as CEO. Employees were asked to continue working with the company and assist during the bankruptcy proceedings. 

“Bankman-Fried’s empire crumbled this week after a liquidity crunch at one of its affiliates. Its US exchange, FTX.US, said on Thursday that customers should close out any positions they want to and that trading may be halted in a few days. In the Bahamas, where FTX.com is based, authorities froze the assets of its local trading subsidiary and related parties,” Bloomberg reported.

Bankman-Friend could have additional assets that are not tracked in Bloomberg’s index, but initial reports indicate that the former CEO has gone from multibillionaire to nothing nearly overnight.

Adding to his troubles, Bankman-Fried is reportedly being investigated by the U.S. Securities and Exchange Commission.

In the coming months, FTX’s equity will likely be sold at extraordinarily low prices or liquidated in the coming bankruptcy proceedings. The effects of FTX’s bankruptcy could have much larger implications for the overall crypto industry. 

FTX’s umbrella portfolio contains at least 184 investments, Fortune reports. 

Home / News / Losing $16 Billion in Three Days
Share
FacebookTweetEmailLinkedIn

Related Stories

Wall Street Makes $100 Billion Bet on Weight Loss Pills

by PJ Howland Leaders Staff
Investing

Oct 25, 2023

Ozempic

Investor optimism around a potential blockbuster obesity drug by Structure Therapeutics led to soaring share prices across the weight-loss pharma sector.

Key Details

  • Structure Therapeutics' stock jumped 35% after reporting positive results from early clinical trials of a once-daily weight-loss pill.
  • The experimental drug helped participants lose about 5% of their body weight over one month without side effects, although there are concerns with Ozempic.
  • Analysts predict the global anti-obesity medication market could reach sales of $100 billion by 2030, up from $71 billion currently.
  • With promising growth prospects, investors are betting on companies developing new weight loss drugs like Structure, Eli Lilly, Novo Nordisk, and Pfizer.

Go deeper

FacebookTweetEmailLinkedIn

Parent’s Wealth Tip The Scales In SAT Scores and College Admissions

by PJ Howland Leaders Staff
Wealth

Oct 25, 2023

Parent's wealth tips the scales for SAT numbers

New data shows a strong correlation between family income and SAT scores, indicating the exam may act as a “wealth test” that advantages higher-income students.

Key Details

  • Students from wealthier families tend to score higher on the SAT than lower-income peers due to advantages like well-funded schools, tutors, and extracurricular activities.
  • The pandemic has exacerbated SAT score disparities, with average scores dropping the most among disadvantaged groups.
  • Addressing the gap requires increased funding for lower-income school districts and expanding access to test prep resources.
  • Children from the top 1% of families are twice as likely to attend an Ivy-Plus college (Ivy League, Stanford, MIT, Duke, and Chicago) compared to middle-class families with similar SAT/ACT scores.

Go deeper

FacebookTweetEmailLinkedIn

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn
car loans, used cars
Loans and Borrowing

Oct 23, 2023

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Chevron Gas Deal
Markets

Oct 23, 2023

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2025 Leaders.com - All rights reserved.

Search Leaders.com