Who is Sam Bankman-Fried? 💸
30-year-old, Sam Bankman-Fried, is a textbook example of a modern-day tech billionaire who got rich overnight. He thinks sleeping is a waste of time, plays video games during meetings, and is also vegan.
After attending a Bitcoin conference in Macau in 2019, Bankman-Fried and his friends invested these winnings in setting up the crypto exchange, FTX, which promised smoother transactions, a host of options to trade in, and even use cash as collateral. Investors thronged FTX and a year later, the exchange was trading over a billion dollars annually, generating over $350 million in profit. with trades nearing $2 trillion. But he does not want to reach there to buy himself the luxuries of the world.
Bankman-Fried believes in the philosophy of 'Effective altruism' that uses scientific reasoning to figure out how to do maximum good for most people. He believes there are only limited ways in which money can buy happiness and wants to earn more money to give it away. Even as a trader on Wall Street, Bankman-Fried gave away more than 50 percent of his salary to charities and last year donated $50 million to and anti-global warming initiatives. For this year, he plans to spend a few hundred million on other charities to focus on pandemic preparedness. For a brief period, Bankman-Fried was also pondering over a decision to buy up coal mines to prevent emissions and also serve as an energy reserve in the future.
For Bankman-Fried, the aim remains the same, to donate the money he earns and he has never thought about this decision twice. Stay ahead with the latest science, technology and innovation news, for free:
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