According to Bloomberg calculations, FTX CEO Sam Bankman-Fried’s net worth evaporated 93% in one day, plummeting from $16 billion a day earlier to $991 million, and he is no longer a $1 billion billionaire. The reason is that the value of FTT, the native token of the FTX exchange, has dropped from $20.47 a day earlier to $2.67, a plunge of 83%. Bloomberg’s method of calculating net worth is too simplistic, mainly multiplying the face value of a stock by the number of shares held by a person, and if a person’s holdings exceed the daily or weekly trading volume of the stock, it is impossible to sell at the original price during a sell-off Yes, only a substantial price reduction. Bankman-Fried’s net worth would never have reached $16 billion, and even at the current $991 million, he could not have achieved the original price.
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