How a 30-year-old’s Assets Plummet from $16 Billion to 0 in a few days One of the largest-ever wealth destructions in history occurred when Sam Bankman-Fried, a former co-founder of FTX, lost his entire $16 billion fortune. The collapse of his crypto empire, which filed for bankruptcy along with his resignation on Friday, has rendered the holdings of the businessman once compared to John Pierpont Morgan worthless. The 30-year-value old’s was $26 billion at its highest point, and it was still almost that much at the beginning of the week. Because of a potential trading halt, the Bloomberg Billionaires Index has reduced the value of FTX’s US business, which Bankman-Fried owns at about 70%, from $8 billion in a January fundraising round to $1. Reuters reported that Bankman-$500 Fried’s million-plus stake in Robinhood Markets Inc. was held through his trading firm, Alameda Research, and may have been used as collateral for loans; as a result, it was also excluded from the calculation of his wealth. Alameda and FTX.US were also included in the bankruptcy filing. In a statement announcing its Chapter 11 bankruptcy filing, FTX said Friday that Bankman-Fried has resigned as CEO and will be succeeded by John J. Ray III. Employees are expected to stay on and “assist Mr. Ray and independent professionals” during the bankruptcy. How a 30-year-old’s Assets Plummet from $16 Billion to 0 in a few days This week, Bankman-empire Fried’s crumbled due to a liquidity crisis at one of its affiliates. Its US exchange, FTX.US, announced on Thursday that customers should close any open positions and that trading may be suspended in a few days. Authorities in the Bahamas, where FTX.com is headquartered, froze the assets of its local trading subsidiary and related parties. It’s possible that Bankman-Fried owns assets that aren’t included in the Bloomberg index. Last year, Alameda made about $1 billion in profits, while FTX made hundreds of millions more. He has more than $500 million in funds managed by Sequoia and other venture capital firms, and he is also an investor in media startup Semafor. However, if those assets are held by Alameda, they may be wiped out by its losses. Bankman-Fried, for his part, is being investigated by the US Securities and Exchange Commission for potential securities law violations, according to a person familiar with the matter.