The Richest Person Under 30 In The World Wants To Give His Fortune Away | Forbes
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- Опубліковано 28 тра 2024
- FTX cofounder Sam Bankman-Fried built a $22.5 billion fortune at age 29 by profiting off the cryptocurrency frenzy - but he’s not a true believer. He just wants his wealth to survive long enough to give it all away.
Four years ago, Bankman-Fried had yet to buy a single bitcoin. Now, five months shy of his 30th birthday, he debuts on this year’s Forbes 400 at No. 32, with a net worth of $22.5 billion. Save for Mark Zuckerberg, no one in history has ever gotten so rich so young. The irony? Bankman-Fried is no crypto evangelist. He’s barely even a believer. He’s a mercenary, dedicated to making as much money as possible (he doesn’t really care how) solely so he can give it away (he doesn’t really know to whom, or when).
Steve Jobs obsessed over his sleek and simple products. Elon Musk claims he’s in business to save humanity. Not Bankman-Fried, whose philosophy of “earning to give” drove him into the crypto gold rush, first as a trader, then as the creator of an exchange, simply because he knew he could get rich. Asked if he would abandon crypto if he thought he could pile up more money doing something else-say, trading orange juice futures-he doesn’t even pause: “I would, yeah.”
At the moment, Bankman-Fried’s “effective altruism,” the utilitarian-inflected notion of doing the most good possible, is almost entirely theoretical. So far, he has given away just $25 million, about 0.1% of his fortune, placing him among the least charitable members of The Forbes 400. He’s betting that he’ll eventually be able to multiply his giving by a factor of at least 900 by continuing to ride the crypto wave instead of cashing out now.
Bankman-Fried’s cryptocurrency exchange, FTX, which enables traders to buy and sell digital assets such as bitcoin and Ethereum, raised $900 million from the likes of Coinbase Ventures and SoftBank in July at an $18 billion valuation. It handles some 10% of the $3.4 trillion face value of derivatives (mostly futures and options) traded by crypto investors each month. FTX pockets 0.02% of each of those trades on average, good for around $750 million in nearly risk-free revenue-and $350 million in profit-over the last 12 months. Separately, his trading firm, Alameda Research, booked $1 billion in profit last year making well-timed trades of its own. Lately Bankman-Fried has been hitting the TV circuit to opine on bitcoin prices, regulations and the future of digital assets.
00:00 Who is Sam Bankman Fried?
01:11 Explaining Sam Bankman Fried's debut on the Forbes 400 list of richest Americans
01:56 Sam Bankman Fried on his journey into crypto
03:00 What makes Sam Bankman Fried, well, Sam Bankman Fried?
03:41 Explaining effective altruism
05:33 When do philanthropists know when it's time to give away their fortune?
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This aged well. He for sure is going to be giving it all away now. Sooner than he expected :)
Mmmhh i.downvoted a year ago. You see the effects when getting too addicted to mainstream Optics ? Sadly Liberal folks seems to be huge fans of "Optics" aka WOKEness ..
@@ssuwandi3240 As long as you say the RIGHT things, the MSM will lap it up and not ask key questions. Namely, is this a scam?
His charity amounted to The Democratic Party and getting them re elected.
Came to say this. Never trusted this kind of stories and big media blowing these frauds is alarming
What does a scammer promoted by a conservative company like Forbes have to do with wokeness. Good thing those darn regulations aren't in place in the crypto space.
So glad I trusted this guy with my money. He donated all of my money to his trading firm and lost it while gambling. I'm so proud.
You mean he gave your money to the democrats? :}
He didn't lost it he donated to Joe Biden
Finally an altruistic and honest billionaire. I know my money is safe and nothing can go wrong.
Exactly, it’s not like that you put all your eggs in a basket.
We need more people like Sam!
This story aged like prawns in the sun. Well done Forbes 👏
Mission accomplished
Is he the world's youngest ex-billionaire?
Gave away his customer's money. Such a good guy.
Lol
Forbes didn’t question this guy at all. Just a fawning article that could have been written by FTX PR Dept
This is what Forbes and Fortune magazine do. They are like the Hello magazine of the rich.
SBF probably paid for it. Forbes magazine is "pay too play".
Forbes you are a meme at this point!!!
Most people venture into crypto to be a millionaire meanwhile I just want to be debt free
That's very practical and smart goal a wise man once said do everything in your power to get out of debt one of his tips on getting rich
Just do the right thing by trading with an expert, trust me you will be successful and debt free
I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
Obviously trading in bitcoin is very volatile and risky to trade that's the reason most traders trade with a company
Now is the best time to purchase and invest in Bitcoin stop procrastinating
"...he wasn't into Bitcoin until around 2017..."
Wow!
You don't need to be the first, you just need to show up and beat the rest.
@larry Tbrown but isn't it rare?
He is amongst the fastest to amass his wealth with the likes of Zuckerberg.
But you've got a point, even first movers can't take all the market share. Someone might get a niche too. And in the rarest of cases get rich, fast!
Emphasis on fast
@@wanjohi There's 3 ways to win in any competition.
1. Cheat (If you can cheat and get away with it, you have given yourself a massive advantage... but not the most noble way to go about it.)
2. Outsmart your competition. (If you can identify their flaws and create strategies to counter them, you'll have a good chance of winning.(
3. Be first. This works most of the time. The person who's first to the market normally get's the largest piece of the pie.
Now days it's hard to be first, and there's methods in place to detect cheating... so you mainly just have to outsmart your competition. Which isn't really that hard to do. Every organisation has flaws. Use those flaws to your advantage.
@@Make_it_Make_Cents nice (*_*)
clearly it was because he is white and the system is not against him becoming rich ----- Sarcasms
@@mrsuperselenio5694 xD
...and he is based in Hong Kong (Chinese territory)
--sarcasm reloaded
I just came across this. What a wonderful young man. So wholesome and giving.
The older I get the More I realize that beside supporting real charities it would be better to give people good paying jobs so that they can lift themselves out of poverty and help build a better society
Agreed
kind of true
Yes and no
That's a good theory but people with good-paying jobs eat ramen and buy crypto coins like Shiba Inu.
*People don't need jobs*, people need money (and a passion/purpose). Jobs need workers and consumers. If you pay people money (UBI), they will consume more, but jobs will have to pay more for people to want to work a shitty job instead of their passions.
“But first he’s going to take yours”
What an upstanding young man. We need more people like this in our world.
"Sam's inclusion in the World's Richest List is really special because most of that $25bn net worth was in locked shitcoins"
What a nice guy...I am sure he is not going to screw people over.
Will Forbes be held accountable for pushing scams and promoting them? You ran whole episodes glorifying this guy.. Will any follow up exist?
He did give away all of the customer funds . What a generous man hope he is doing well in Argentina now ❤
Ok kids, this is how you do arbitrage. Quit listening to GaryV.
No, he's teaching you how to earn and be successful in life. He doesn't tell you what to do with your earned money. If you don't have money you can't even help yourself leave alone helping others so I think you should definitely listen to him. If this guy didn't have money he wouldn't be helping others.
@@lovenature904 Gary Vee is a grifter pissing in your pocket and calling it rain.
@@Friendznco Have you worked with him? I think I have yielded very positive results by listening to him and buying his courses back in the days. If you haven't worked with him you don't deserve to speak on this.
@@lovenature904 Are you Gary V's alt account, or just someone shilling for him and defending him because you don't want to feel like you wasted money buying his stuff? Lol.
This shows you that anyone can flaunt money and get positive optics from the world even though they are corrupt and scammers in reality
This is why I don't believe the media on anything
if you align politically with the left wing media
this is a peak life moment
And he just lost 94% of that wealth lol
6% of that wealth is Forbes top 20
His networth is negative 300m
@@maartilium is that why he is still living in a palatial estate in the Bahamas? He has scads of cash still.
@@dabneyoffermein595many people think he is the hacker that stole a billion dollars
First time to hear about this guy, thank you forbes, I wanted to register on FTX but site won't open for some reason
🤣
Savage.
You can always trust Forbes and Sam Bankman Fried for the best financial advice.
Yes, for sure, all these guys cnbc, forbes, fox, wall street j are wonderful in giving you all free stupid advices.
Gave away all of the money that wasn't his... lol
Yeah he's a Saint! LOL!
"Wanna do good for the world, wanna donate it all", said every billionaire ever.
Only time will tell the reality.
And they've helped a lot, but no one wants to see that
@@raymondkanga They're already helping by building something important for the world and employing thousands of people.
But the way this is used as a PR move and filming these corny a*s Forbes videos like they're some selfless monks, is kinda cringe and useless.
@@stealthoverflow And what makes you so sure that it's not True?
@@raymondkanga Looking at the world objectively and not with the blissful delusion of hopes.
@@stealthoverflow Not saying they are selfless monks, but people like Bill Gates and Warren Buffet have donated billions of dollars and plan to donate most of their wealth.
What a difference a year makes! As least he no longer has to worry about how to give away "his" billions!
What's interesting is that there was $22.5 billion worth of stupid money willing to fund FTX
Hey Forbes, how many times are you going to get duped? Maybe you should stop reporting on finance?
Most people venture into crypto trading to be a millionaire meanwhile I just want to be debt Free
That's very practical and smart goal, a wise man once said do everything in your power to get out of debt one of his tips on getting rich
Just do the right thing by trading with an expert trust me you will be successful and debt free
Starting early is the best way to get ahead of build wealth, investing remains the priority
I'm from spain, I have been an investor in the crypto market for over 2 years
Now is the best time to purchase and invest in Bitcoin, stop proscastinating!
instead of giving wealth away and let corrupt people spend it, you can spend it by yourself on something good and efficient
that's exactly what he's doing.
Yes like giving it to poor little old me.
And he did exactly that
Instead of giving wealth away and letting corrupt people spending it, be the corrupt person instead and give your parents 200m pocket money.
Now a days, Forbe's cover page has been an alarm for us.
The world is blessed to have someone like this. It’s deep
🤦🏾♂️ filling my XRP bags up
Hi, how you doing and your family.if your problems are finally or you want your money to grow more than expected start up a trade with.Mr Scott
Who is this scotttttt
yes using his casino for "good"
uh? what has he actually done? rofl. Nothing. He's telling you what he might do some day.
@@user-sw1wq8lh2w no he is already doing it and wants to do it more in the future
this didn't age well
Mission accomplished. Outlaw political action committees.
….and it’s gone! That went fast Sam!
We have these super rich dudes donating massive amounts of money but not a single trace of where it exactly goes to.
Cool of him to not create a game where everyone fights to their death over the money
456
@@realomegamodern 001
Turns out he did
This aged well ☺️
I always knew it was too good to be true....
Wow Bankman Fried is the perfect name for a cryptocurrency billionaire.
It's almost bizarre, that he is who he is with that last name. What are the odds!?!?
@@joneri85 I’ve also wondered on things like this too, always found it strange how names almost create the individuals reality, for example Usain Bolt (bolt, like a lightening bolt) being the fastest man alive. And even the likes of bill Gates (bill, like a dollar bill) meaning money. So bizarre but yet so interesting. Not everything works like this Of course, but yet still interesting.
I think this is just caused by the way you are thinking about it.
There are many rich and famous people. Chances are, some of their names will be relevant to their role.
So really, do the names cause the roles? Or are there just so many roles and names that some of them will match?
I think the second option is more likely
@@Randreas_ You're right, it is the second option. But Bankman Fried as a Crypto biljonair is the best i've heard yet.
Especialy the Fried part
😆
It is definitely incredible
Well I guess SBF is going to keep his promise of giving away his entire fortune. Now that we know he is a fraud and his net worth is really zero, giving away 100% of zero is still zero, so he’s keeping his promise.
This shows UA-cam suggestion algorithm has a sense of humor.
y'all aren't gonna delete this gem of a video? brave...
Well he did just that. They are not lying. He gave it away to democrats, politicians, banks, real estate, etc. he certainly gave most of it away lol to either buy things or such
This is a joke now. He fraudulently moved over 6B to his sister company lol
The older I get, the more I see through the scam of these billionaire philanthropists. If all these billionaires really helped, there won't be any hunger and poverty anymore. What happened to all the trillions that were supposedly given away by so many rich people the past 100 years?
The thing is that the world population just exploded in the last decades, and don’t underestimate the corruption in all this.
He and Elizabeth Holmes are going to start a new restaurant venture. They will name it Ponzi's.
SBF just successfully concluded giving all his money away. OPM too (other people's money).
best platform in the world... tks Sam.... such a legend....FTX
STARTING EARLY IS THE BEST WAY OF GETTING AHEAD TO BUILD WEALTH, INVESTING REMAINS A PRIORITY. THE STOCK MARKET HAS PLENTY OF OPPORTUNITIES TO EARN A DECENT PAYOUTS, WITH THE RIGHT SKILLS AND PROPER UNDERSTANDING OF THE MARKET WORKS.
Assets that can make one successful in life
I.Crypto
2.Stocks
3.Shares
@@ujunwamaureen1681 You are right.
But I don't know why people remain poor due to ignorance
@@markfreund8904 It's not ignorance but unprofessional broker in the market....
I want it durwctly since I have no idea where the money actually goes in charities.
He's very giving. He gave everyone *trust issues.*
This is aging like milk in a hot summer day.
Not Robinhood, in fact the complete contrast - he takes from the working class and gives to the rich and donates it the politicians. 😞
The story of SBF is a prime example of how little ,”experts,” actually know . He reminds me of Elizabeth Holmes. SBF sold us a story and we bought it .
So many intelligent individuals were hoodwinked by SBF. The reporter mentioned that SBF was cash poor . No one knew just how cash poor SBF and his companies were .
I'd probably wait until towards the end of my life before i start giving too much away... compound that money like few can then give it away like few can
Very few people indeed. Even investing is bad for many people except for cryptocurrency for me right now
Even if he gives away 99% of his wealth he would still have more money then he could ever hope to spend in his lifetime
@@yoyokojo651 Care to revise that statement?
@@mannymath5643 touché
This is my favourite comedy special. Thanks Forbes.
At least he wasn't hawking Scottish nobility titles, amiright?
That's an amazin thing they would be doing. A lot of families are strugglin and drownin so bad that help would definitely bring up those spirits and prove not everyone with money is about themselves
*Usually, when people give money away to charities, it turns out to be a complete waste of resources. It's an equivalent of giving fish instead of a fishing rod.*
All I need is $100,000
Narrator : He’s basically cash poor. Only has $200,000 in his bank account.
Me : 😶😶. I’m basically rich if I have $200 left after all my bills
percentage wise he is cash poor. His net worth is massive.
Thats not true lmao, dude can liquidate a good portion of his net worth if needed (without even taking into consideration his crypto)
@@josephbrennan370 They should just say most of his net worth is not currently in liquid cash. Saying "cash poor" when he has 200 grand is just an insult to the rest of us, lmao. And most of his net worth is not even tied up in things that can be hard or slow to move, like real estate or houses. He could quickly liquidate and get tons more cash near instantly if he wanted.
Your net worth is now more than his.
I came from the future to say he was a success! gave it all back to the market.
I was so excited when he said Effective Altruism!! Yes Sam!!!!
It is definitely an interesting method.
Lol this aged well 😂
So generous
26 bil in a single weekend
Greatest act of generosity
eye opening approach!
This didn't age well 😂😂
Investing is buying yourself a better future you don't have to work hard again.
You can say that again.
I have archived many things in my life since I started investing.
There are different kinds of investment, what kind would you advise someone new to start with?
@@kelvinl.3875 You sounded like a motivational speaker, And I hate your kind.😒
@@jasmineheidi1427 I'm into real estate investing.
@Forbes I would like to know where in Bermuda can I find those waves? 0:12
Sam is a smart and generous person. We need more people who work hard and gives away their money away.
I just hope the charities receiving this money actually put it to good use. Not always the case unfortunately.
Yes, the well known charity of the Democratic Party
What a great guy!
@7:10 you got one piece of journalism right in this video 🤑
Where do I sign up
The greatest irony is that his name is Bankman-Fried.
If I had millions or billions of dollars, I would drive around handing racks ($1k) to random people on the street, I have been walking down the street with holes in my clothes , no hair cut and s roaring empty stomach and prayed and prayed for some money, I know alot of people are out there in the same position and would love to give them what I wished for at the time regardless of how they decide to spend the money.
I wouldn't trust charities because alot of charities are rated poorly with at least 45% going to overhead which means alot of the times less then $55 of every donated $100 is going to help actual people. I would much rather prefer to spend the tike and do it directly.
This is so f***ing funny to watch now 😂😂😂😂
this title can't be more acurate 1 year later lol
Forbes and Fortune get so razzle dazzled by youth
Sir please give it to me. Kidding aside, this is a great way to build a better society.
Look at body language.
When talking about liquidity and efficiency-Head is up, eyes are up, body is moving.
When talking about philanthropy-Head is down, eyes are down and away, minimal motion.
Bankman-Fried received a personal loan of $1 billion from Alameda, according to Ray. The firm also gave a $543 million personal loan to Nishad Singh, and $55 million to Ryan Salame, the co-CEO of FTX Digital Markets, one of FTX's affiliates.
not so fast
Fam just give me $ 0.06 Billion and I’ll be happy
I just came here for the comments
😭😭showed y'all how generous he really is
God knows I could use some money ‘ resent widow then had break-in and my nest egg was stolen ! Great he wonts to share wish more people had that kind of heart ❤️
This video is hittin a lil different now.
In all fairness, technically he did give away his whole fortune.
Unfortunately he also gave away the fortunes of millions of unsuspecting customers too 🥺
It was not HIS fortune that he gave away.
I have always said that time gives the best answers 😂
Forbes, please declare your sponsors. Is Sam funding you for this video?
This is the only comment that aged. Sam also funded the democratic/republican party in behest of the Ukraine Gov't.
@@joinpsye7045 Sigh. yes .. I wish one day I could be pleasantly surprised. But alas, round and round we go in the merry-go-round.
one thing I don't understand why some people expect the billionaires or in fact any wealthy person to donate share their wealth with others why should they, they have worked hard for it went through lot of struggle and it's their money they can do whatever they want
Because humans are naturally selfish and entitled from people who are better off then them. The same people who hate the rich and expect something from them wouldn't share with others who are less fortunate than them. When you call them out on that, they either ignore it or give out some BS excuses lol. They're oh so generous, but always with other people's money lmao
this is a really big truth
I think a lot of that has to do with the fact millionaires and billionaires have received financial support from the government without paying their fair share. Or they've been doing things detrimental to the overall health of society and reaping benefits without replenishing.
because the world knows the truth that you do not get up there without stepping on a lot of shoulders (and heads). Yes, climbing onto shoulders and running across heads is indeed very difficult, but it is still climbing on shoulders and stepping in heads!
by the way, this is expected of anyone who succeeds. at any level. it is just more of billionaires because, well, it is billions!
but even you, at your level, your community expects you to give back. and you should.
I'm surprised Forbes hasn't yanked this video.
Great
SBF is incredible
Would Microsoft have been better off under Gates and not Ballmer? 1,000,000% yes
The face of ESG.
Nice!! Way to go! Hopefully me too in the future