FTX CEO Sam Bankman-fortune, Fried’s which was worth $16 billion earlier this week, was reduced by 94% to $1 billion on Tuesday. According to Bloomberg, this is the largest single-day wealth loss experienced by a billionaire. On Tuesday, the 30-year-old CEO announced the sale of his cryptocurrency exchange FTX to rival firm Binance in order to alleviate a severe liquidity crunch. Bankman-53% Fried’s stake in FTX was valued at $6.2 billion, with another $7.4 billion coming from his crypto trading firm, Alameda Research, according to Bloomberg. With Binance’s purchase of FTX, Bloomberg’s wealth index now values both FTX and Alameda at $1, effectively erasing the perceived value of Bankman-largest Fried’s holdings.