Stanford, CA

This 30-year-old Stanford, CA native, crypto-billionaire is giving away his fortune

Channelocity

A report featured on Bloomberg highlights that Sam Bankman-Fried sleeps on a beanbag and drives a Toyota Corolla. Oh, and he's a multi-billionaire.

Forbes reports that his estimated net worth is $24 billion dollars making him number 61 on the list of richest people in the world. He made his astounding wealth from launching his own exchange, FTX, in 2019. FTX's mission statement on their website says: FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products, and leveraged tokens. We strive to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.

In fact, Bankman-Fried claims he'll only keep 1% of his earnings each year, or about $100,000. And he went on to say, "Every other dollar – or Bitcoin – will be given away under the philosophies of "effective altruism" and “earning to give.”

He reportedly gave away $50 million dollars last year including pandemic relief aid to international countries. However, conflicting reports claim that he's actually spent more on other endeavors than charitable giving. For example, he purportedly purchased naming rights for the Miami Heat's arena which has a price tag of $135 million dollars. Additionally, USA Today claims that he spent somewhere around $30 million dollars on a Super Bowl advertisement.

Bankman-Fried's Forbes profile lists that his citizenship is in the United States but he lives in Hong Kong, Hong Kong. His education level is listed as Bachelor of Arts/Science, Massachusetts Institute of Technology. He was born to two Stanford University law professors in Stanford, California.

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