Sam Bankman-Fried: Crypto billionaire’s fortune rises by $7.7 billion as FTX hits $32 billion valuation
Pretty impressive.
https://nairametrics.com/2022/02/01/sam-bankman-f…
“In its latest Series C valuation, FTX has become a $32 billion worth company, blowing Sam Bankman-Fried’s net worth out of the water.
After seeing his valuation gain $7.7 billion within a day, the 29-year-old billionaire and founder of the crypto exchange now has a net worth of $22.2 billion.”
Posting this around bonus time to make all of the finance bros feel shitty about their $400k bonuses? well played
Bump this up for the memes
Biggest degen losses of the year: The Zuck, Elon Musk, and SBF.
All lost billions. Such an unfathomable amount lost (and previously gained) on paper. Most of us on this site will probably earn less than 50 million in total over a long career and these guys evaporated 20-100x that amount in just a few months. Can’t imagine who the first individual to lose a trillion will be…
The difference feels like Elon and Zuck lost to external macroeconomic factors. (Yes, Zuck was actively knowingly throwing ridiculous money amounts into Metaverse). It sounds like SBF was actively committing extremely immoral and hopefully illegal acts by using customer funds that he had no right to into illiquid and risky investments. I.e: this was his own doing. (I say hopefully illegal due to the lack of regulation on this stuff).
Honestly, it feels like the only difference between SBF and Madoff is that Madoff threw the money into his own account while SBF just threw it into risky bets. This guy was praised by so many for so long, meanwhile he committed egregious acts. Wonder to what extent people will be able to withdraw funds.
Agreed, it's crazy hearing everything that came out. Learned earlier today he had apparently commingled Alameda and FTX customer funds and it's just... astonishingly stupid and irresponsible what they were doing. Apparently Alameda consistently made a trade that if it fucked up would result in exactly this happening. Also a pity that BlockFi held all their funds on FTX somehow... wtf are these guys doing. 'Decentralized' yeah ... sure man
https://twitter.com/40_eth/status/1591211374298173440
LMAOOOOOOOOOOOOOOOOOOOOO n.1
The GOOD GUY™, effective altruist™, who eats vegan™, wants to make money to save the world from climate chaaaaaaange™ and COVID 19™, and the next pandemic™ because age is just a number™. As you can imagine, the guy was extremely well connected to the liberal regime.
I had come across him two times, once when he made this thread explaining his ''investment philosophy'':
https://twitter.com/SBF_FtX/status/1337250686870831107
Basically repeating concepts he heard in university without actually understanding them. (Kelly Criteria, utility function).
Then recently when he got slaughtered live in an interview.
LMAOOOO n.2
The CEO explaining how she trades....
https://twitter.com/gurgavin/status/1590926677877854208
I'd take trading advice from tik tok before I give any of my money to her. If you listen to this interview in full and put your money with her, you deserve to get wiped out.
Noteworthy, la goblina is well credentialed:
Stanford and Jane Street. Afaik Jane Street has pretty tough tests to get in, yet her math and conceptual skills are below average.
The crazy thing is, he'll almost certainly walk away with more wealth than you or I have as he's probably got wealth in assets that can't be touched (e.g., overseas accounts, primary residence), he'll probably serve a very short prison sentence, and then he'll get VC investment of any amount he wants on the most inane business concept because he already succeeded once (they don't care about the back-end failure as they are front-end guys). And because he's so well connected, he'll probably still get invites to posh, private parties among liberal elites. That's exactly how this sh*t works.
I just heard on a podcast that he owns something like $100 million in property in the Bahamas. So yeah, he'll get away just fine.
So yeah, the guy was part of quite possibly the biggest money laundering scheme ever existed. Democrats-FTX- and the country everyone loves now, because you can do everything there everything that's illegal in the US.
This will get buried at record speed or never seriously prosecuted.
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