Former FTX CEO, Sam Bankman-Fried (SBF) held a personal fortune of $26 billion before things went south for him. Now, he is counting his last $100,000, Axios reported. This happened when FTX filed for bankruptcy after facing a week-long liquidity squeeze and it could not convince Binance that it could recover. The company is now under investigation by the U.S. Securities and Exchange Commission (SEC) and the Department of Justice.
Speaking to Axios, he admitted that he was “focusing on volumes rather than positions for balances”.
His billionaire status was due to the performance of FTX, and since its fall, nearly $16 billion of his personal wealth was wiped off in a week.
Last week, reports came up stating that SBF owned a $100 million stake in Twitter. However, Elon Musk denied the claims.
Speaking to Axios, SBF said that earlier in April, the former FTX CEO intended to help Elon Musk acquire Twitter, and this investment would have been routed through his trading firm, Alameda Research, the one that was proved to be the cause of the FTX collapse.
As it turns out, SBF and Musk spoke over the phone and SBF backed out of the offer. The stake, however, was shown to FTX investors in a balance sheet presented earlier this month. This could either mean that prior to FTX bankruptcy, SBF believed that his stake in Twitter existed, or if he wasn’t he was misleading his investors. Now, SBF doesn’t know what went up with his shares on Twitter.
SBF also admitted that if he had paid more attention to the regulation of his crypto company, things could have been saved.