Bankman-Fried’s Assets Plummet From $16 Billion to Zero in Days(Bloomberg) -- The entire $16 billion fortune of former FTX co-founder Sam Bankman-Fried has been wiped out, one of history’s greatest-ever destructions of wealth.Most Read from BloombergMusk Warns Twitter Bankruptcy Possible as Senior Executives ExitMusk’s First Email to Twitter Staff Ends Remote WorkBankman-Fried’s Assets Plummet From $16 Billion to Zero in DaysBankman-Fried Resigns From FTX, Puts Empire in BankruptcyChina Eases Quarantine, Ends Flight Bans in Covid Zero ShiftThe downfall of his crypto empire -- which filed for bankruptcy on Friday along with his resignation -- means assets owned by the mogul once likened to John Pierpont Morgan have become worthless.The Bloomberg Billionaires Index now values FTX’s US business -- of which Bankman-Fried owns about 70% -- at $1 because of a potential trading halt, from $8 billion in a January fundraising round.In announcing it was filing for Chapter 11 bankruptcy, FTX said Friday in a statement that Bankman-Fried has resigned as chief executive officer and will be succeeded by John J. Ray III.Most Read from Bloomberg BusinessweekAmericans Have $5 Trillion in Cash, Thanks to Federal StimulusOne of Gaming’s Most Hated Execs Is Jumping Into the MetaverseA Narrow GOP Majority Is Kevin McCarthy’s Dream/Nightmare Come TruePeter Thiel’s Strategy of Pushing the GOP Right Is Just Getting StartedMeta Investors Are in No Mood for Zuckerberg’s Metaverse Moonshot©2022 Bloomberg L.P."