FTX CEO Sam Bankman Fried lost 94% of his fortune overnight, and now Bloomberg estimates that the crypto investor’s 2 largest assets are worth $1 each, writes Business Insider.

Back at the beginning of the week, his fortune was $16 billion and he lost 94% to $1 billion on Tuesday.

On Tuesday, Bankman Fried announced that its cryptocurrency exchange FTX would be sold to rival platform Binance to ease the liquidity crisis. Bankman Fried’s 53% stake in FTX was worth $6.2 billion, with another $7.4 billion of his fortune coming from crypto trading house Alameda Research.

After Binance acquires FTX, according to Bloomberg’s Wealth Index, FTX and Alameda will be worth just $1 each.

However, Bankman Fried is not the only one who lost a large part of his fortune, as sudden losses of this magnitude are common among the world’s richest people, although it is fair to admit that never before has a billionaire parted with such a gigantic share of fortune in just one day.

For example, Mark Zuckerberg lost $29 billion on February 3, although his net worth is still estimated at $84.3 billion. And in November 2021, Tesla (NASDAQ:TSLA) CEO Ilon Musk lost $50 billion in two days after polling Twitter (NYSE:TWTR) users on whether he should sell 10% of his stake in the automaker.

The reason for the decline in Bankman Fried’s fortune is a result of the $600 billion cryptocurrency crash this year. Meanwhile, Changpeng Zhao, founder of Binance, the crypto exchange that acquires FTX, lost $79.4 billion of his fortune this year also as a result of the crash, according to Bloomberg’s Billionaires Index.