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After his wealth fell to nearly 94%, Sam Bankman-Fried, CEO of FTX, disappeared from the Bloomberg Billionaires Index.
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Changpeng Zhao, Binance CEO, announced that he had signed a provisional agreement for the FTX acquisition.
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This was in response to concerns about the exchange's apparent insolvency in the Bahamas.
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The announcement led to a slowdown of withdrawals and a freefall in the price of FTX's native token.
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Bankman-Fried's company was valued at $15.2 billion before the cash crunch. Bloomberg reports that $14.6 billion was lost overnight.
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Bankman-Fried, a self-described "effective altruist", made considerable promises to give the bulk of his fortune,
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Valued at $21billion at the time, to charity earlier this year. He also pledged to donate up to $1B to political candidates
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Although Bankman-Fried spent $40 million in advance of the midterm elections, with only middling success, he later backtracked from his promise. He called it "a dumb quote."
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