Most Americans know their net worth to the penny and yet SBF lost $8 billion and Joe Biden lost $20 billion. How can this happen?
The Biden economy is in terrible shape. Americans are watching their net worth dissolve.
According to one report at Finance Buzz from October:
- Median net worth in the United States is $121,700, up 17.6 % from 20162
- Average net worth is $748,800, up a more modest 2% from 20162
The list of billionaires in October included Sam Bankman-Fried (SBF) with a net worth reported at $8.7 billion:
- Austin Russell, age 26 ($2.4 billion)
- Andy Fang, age 28 ($2 billion)
- Stanley Tang, age 28 ($2 billion)
- Sam Bankman-Fried, age 29 ($8.7 billion)
- Evan Spiegel, age 30 ($8.7 billion)
This unique thing about SBF’s net worth is that it is close to the $8 billion that is missing after FTX’s bankruptcy:
Bankman-Fried stands accused of perpetrating a multibillion-dollar fraud on his investors, using customer funds to purchase properties, fund political donations and backstop trades at his hedge fund Alameda Research.
Federal regulators allege over $8 billion in customer funds is missing. FTX filed for bankruptcy protection in Delaware on Nov. 11. Bankman-Fried’s successor, CEO John Ray, said he’d never seen such a “complete failure of corporate control.”
SBF isn’t the only one who recently lost billions. Joe Biden can’t account for $20 billion that was sent to Ukraine.
Democrats’ “Newest Megadonor” Loses Billions As Crypto Exchange Fails — “Dot-Com Bust Level Event”
Between Joe Biden and SBF $28 billion is missing and both entities were involved in Ukraine. At the same time most Americans are wondering how they are going to pay their electric bill next month.
