The Bloomberg Port changed its estimate of the value of FTX CEO Sam Bankman-Fried's fortune on Nov. 8 to $991 million, down from $16 billion the day before.
The reduced value that strips SBF of its billionaire status comes as FTX's stock ticker, FTT, fell more than 83% to just $2,67 from a daily high of $20,47.
A large percentage of Sam Bankman-Fried's wealth was tied to his business activities with both FTX and Alameda Research, meaning that the reduction in priceof FTT tokens directly affects his personal wealth.
The crypto community at Twitter, did not stop commenting stating that the decline in SBF offsets the losses of most retail investors in 2022.
Meanwhile Bitcoin it is trading at $18.177 and is down almost 60% since the beginning of 2022. It has lost around 75% from its record high of $69.000 in November 2021.
The US Department of Justice announced yesterday that it has seized $3,36 billion worth of stolen Bitcoins during a 2021 federal raid. at the residence of James Zhong, which has not been announced until now.
