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Sam Bankman-Fried sleeping bean bag

Meet to world’s new richest person under 30

Sam Bankman-Fried is the richest person under 30 years old in the world thanks to crypto

His FTX exchange and Alameda Research trading firm have amassed Sam a net worth of $22.5 billion.

The son of two Stanford law professors, he studied physics at MIT but was drawn to “effective altruism,” the utilitarian-inflected notion of doing the most good possible. So he took a job trading ETFs at a quant firm, Jane Street Capital, donating a chunk of his salary to charity, then jumped into Bitcoin trading in late 2017, when he spied a lucrative arbitrage opportunity between US/Japan Bitcoin exchanges.

In 2019, Bankman-Fried moved to Singapore and launched his own crypto derivatives exchange, FTX, and it’s become one of the leading exchanges for buying and selling crypto derivatives.

FTX raised $900 million from the likes of Coinbase Ventures, BlackRock, Sequoia and SoftBank.

In October 2021, FTX reached at an $25 billion valuation, helping make Bankman-Fried the richest person in the world under 30 in history.

Most of his wealth, which he says he will eventually donate to charity based on a philosophy called “earning to give,” is tied up in ownership of about half of FTX and a share of its FTT tokens.

So far, Bankman-Fried has only donated about 0.1% of his fortune, to causes like voter registration, global poverty mitigation and artificial intelligence safety.

Lately FTX has been pouring hundreds of millions into mainstream marketing, including the naming rights to leading esports league TSM and the Miami Heat’s arena.

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