FTX’s Sam Bankman-Fried loses billionaire status amid crypto wipeout

Yahoo Finance's Brian Sozzi breaks down the stat of the day indicating that crypto billionaire Sam Bankman-Fried's net worth has dropped to $990 million.

Video Transcript

BRIAN SOZZI: From billionaire to millionaire in just a few hot hours, Binance's purchase of distressed rival FTX has hammered the net worth of FTX co-founder Sam Bankman-Fried. The puffy-haired Bankman-Fried saw his net worth plunge to $990 million from 16 billion on Tuesday, according to the Bloomberg Billionaires Index. Brad really liking my joke there.