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"title": "Bankman-Fried’s Assets Plummet From $16 Billion to Zero in Days",
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"contents": "<article>The downfall of his crypto empire -- which filed for bankruptcy on Friday along with his resignation -- means assets owned by the mogul once likened to John Pierpont Morgan have become worthless. At the peak, the 30-year-old was worth $26 billion, and he was still worth almost $16 billion at the start of the week.The Bloomberg Billionaires Index now values FTX’s US business -- of which Bankman-Fried owns about 70% -- at $1 because of a potential trading halt, from $8 billion in a January fundraising round. Bankman-Fried’s stake in Robinhood Markets Inc. valued at more than $500 million was also removed from his wealth calculation after Reuters reported it was held through his trading house, Alameda Research, and may have been used as collateral for loans. FTX.US and Alameda were also part of the bankruptcy filing.In announcing it was filing for Chapter 11 bankruptcy, FTX said Friday in a <a href=\"https://twitter.com/FTX_Official/status/1591071832823959552\" target=\"_blank\" rel=\"noopener noreferrer\">statement</a> that Bankman-Fried has resigned as chief executive officer and will be succeeded by John J. Ray III. Employees are expected to continue with the company and “assist Mr. Ray and independent professionals” during bankruptcy.\r\n\r\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-11/ftx-com-goes-bankrupt-in-stunning-reversal-for-crypto-exchange\" target=\"_blank\" rel=\"noopener noreferrer\">Read more: FTX Empire Goes Bankrupt After Exchange’s Rapid Downfall</a>\r\n\r\nBankman-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 <a href=\"https://www.bloomberg.com/news/articles/2022-11-10/ftx-com-assets-frozen-by-bahamas-securities-regulator\" target=\"_blank\" rel=\"noopener noreferrer\">froze</a> the assets of its local trading subsidiary and related parties.\r\n<table>\r\n<tbody>\r\n<tr>\r\n<th class=\"news-rsf-table-string\">For more coverage</th>\r\n</tr>\r\n<tr>\r\n<td class=\"news-rsf-table-string\">\r\n<ul>\r\n \t<li></li>\r\n \t<li><a href=\"https://www.bloomberg.com/news/articles/2022-11-11/scaramucci-says-skybridge-is-trying-to-buy-back-stake-from-ftx\" target=\"_blank\" rel=\"noopener noreferrer\">Scaramucci Says SkyBridge Is Trying to Buy Back Stake from FTX</a></li>\r\n \t<li><a href=\"https://www.bloomberg.com/news/articles/2022-11-10/ftx-latest-bankman-fried-shuts-down-trading-firm-alameda\" target=\"_blank\" rel=\"noopener noreferrer\">FTX Latest: EU License Under Threat as Asset Freeze Fuels Crisis</a></li>\r\n \t<li><a href=\"https://www.bloomberg.com/news/articles/2022-11-11/bankman-fried-s-effective-altruism-implodes-with-his-fortunes\" target=\"_blank\" rel=\"noopener noreferrer\">Bankman-Fried’s ‘Effective Altruism’ Implodes With His Fortunes</a></li>\r\n \t<li><a href=\"https://www.bloomberg.com/news/articles/2022-11-11/tron-is-ready-to-provide-ftx-with-billions-in-aid-sun-says\" target=\"_blank\" rel=\"noopener noreferrer\">Tron Is Ready to Provide FTX With Billions in Aid, Sun Says</a></li>\r\n</ul>\r\n</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\nIt’s possible Bankman-Fried owns assets not tracked by the Bloomberg index. Alameda made about $1 billion in profits last year and FTX made hundreds of millions more.\r\n\r\nTech news website The Information <a href=\"https://www.theinformation.com/articles/ftxs-bankman-fried-invested-more-than-500-million-in-sequoia-and-other-vcs?rc=21mr0h\" target=\"_blank\" rel=\"noopener noreferrer\">reported</a> on Thursday that he had more than $500 million invested in funds managed by Sequoia and other venture capital firms, and was also an investor in media startup Semafor. But if those assets are held through Alameda they might be wiped out by its losses.\r\n\r\nFor his part, Bankman-Fried is being <a href=\"https://www.bloomberg.com/news/articles/2022-11-11/ftx-s-sam-bankman-fried-faces-sec-probe-as-his-empire-crumbles\" target=\"_blank\" rel=\"noopener noreferrer\">investigated</a> by the US Securities and Exchange Commission for potential violations of securities rules, a person familiar with the matter said.\r\n<figure><picture><source srcset=\"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i9RIGxPno_DI/v0/piNvaTs1gp8202qz_dewi2PvPDETo3MkHBrbPW_GR81uzDParBy7STNsGox.ps98SbSu48UitGf0c/814x-1.png\" media=\"(min-width: 769px)\" /><source srcset=\"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i9RIGxPno_DI/v0/piNvaTs1gp8202qz_dewi2PvPDETo3MkHBrbPW_GR81uzDParBy7STNsGox.ps98SbSu48UitGf0c/300x-1.png\" media=\"(min-width: 600px)\" /><source srcset=\"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i9RIGxPno_DI/v0/piNvaTs1gp8202qz_dewi2PvPDETo3MkHBrbPW_GR81uzDParBy7STNsGox.ps98SbSu48UitGf0c/300x-1.png\" /><img loading=\"lazy\" class=\"ri-image\" srcset=\"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i9RIGxPno_DI/v0/piNvaTs1gp8202qz_dewi2PvPDETo3MkHBrbPW_GR81uzDParBy7STNsGox.ps98SbSu48UitGf0c/814x-1.png\" alt=\"Nosedive | FTX's Sam Bankman-Fried lost about $16 billion within days\" /></picture></figure>\r\n</article><strong><a href=\"https://www.dailymaverick.co.za/article_tag/crypto/\">Read more news and analysis on the latest in the world of cryptocurrency </a></strong>\r\n\r\n ",
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