FTX head Sam Bankman Fried lost nearly $15 billion from his personal wealth yesterday.
SBF that is no longer among the 500 largest firms on the Bloomberg billionaire index.
Bankman-Fried had an estimated net worth of over $26 billion at the peak of his career.
This record-breaking one-day drop in billionaire wealth was recognized by Bloomberg.
Binance has signed a non-binding letter of intent for FTX.
FTT token value tumbled from about $18 to $5 within a few hours of the news.
CZ Binance's wealth did not increase much as he is currently ranked 87th in Bloomberg's billionaire index.