- Sam Bankman-Fried, the 30-year-old CEO of FTX, lost his billionaire status when his wealth dropped by 94% in a single day from $16 billion to $991.5 million.
- The company will acquire FTX, according to Changpeng Zhao, CEO of Binance, who made the announcement on Tuesday after the latter “called for aid” due to a liquidity crisis.
- Notably, the transaction excludes FTX.US, a different exchange that belongs to Bankman-Fried.
