Posted on 11/30/2022 8:27:00 PM PST by DoodleBob
As October turned to November, Sam Bankman-Fried had an estimated net worth of $16 billion. Better known as SBF, the founder of the FTX crypto exchange was predicted by some to become the world's first trillionaire. But he's now worth "close to nothing," he said in a live interview Wednesday with Andrew Ross Sorkin at The News York Times' DealBook Summit.
SBF called in from the Bahamas, where he operated his FTX empire. When asked by Sorkin how much money Bankman-Fried now had at his disposal, the disgraced founder answered, "by my knowledge, close to nothing."
"I don't have any hidden funds here -- everything I have, I'm disclosing. I think I have one working credit card left, it might be $100,000 or something like that in that bank account. Everything I had, even all the loans I had, those were things I was reinvesting. I put everything I had in FTX."
...
In one stunning moment, Sorkin noted that reports about FTX and Alameda's workplace culture sounded like "a bunch of kids who were on Adderall having a sleepover party." Bankman-Fried could offer no meaningful defense.
"Look, I screwed up. I was the CEO of FTX, that means I was responsible," he said. "We messed up big."
(Excerpt) Read more at msn.com ...
He’s down to his last billion.
IIRC, “All” at one time did ping everyone on the thread, but that quickly became a source of annoyance.
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