More On: FTX
As the FTX CEO embraces 'effective altruism' and shuns luxury, crypto billionaire Sam Bankman-Fried is said to be planning to give away 99 percent of his wealth
Thanks to the idea of 'effective altruism,' which he studied in college, Sam Bankman-Fried, the wealthy founder of crypto exchange FTX, has plans to give away the great bulk of his money.
According to Bloomberg, despite owning a multibillion-dollar worldwide crypto exchange, the 30-year-old drives a Toyota Corolla, lives like a college student, and aspires to make as much money as possible so that he may give it away.
Despite his enormous riches, he claims to keep only around 1% of his revenues, or about $100,000, each year.
Bankman-Fried told Bloomberg, "You quickly run out of really effective methods to make yourself happier by spending money." "I'm not interested in a yacht."
In his junior year in college, the MIT graduate heard about effective altruism. The concept use mathematical computations to discover how people might best use their money and time for the greatest good.
Bankman-Fried, in particular, was taken with the concept of "earning to give." In keeping with that philosophy, he worked on Wall Street for three years after college and donated half of his salary to animal welfare every year.
He now spends his days napping on a bean bag, playing video games while giving Zoom speeches at conferences, and living with groups of pals. Nonetheless, his laid-back demeanor doesn't detract from what he considers to be the proper thing to do.
Following Russia's invasion of Ukraine in February, the founder of FTX stated that his crypto exchange had given cash to all of its Ukrainian subscribers. He also gave Ukraine a personal donation of $250,000 in June.
Bankman-Fried told Bloomberg that he has no regrets about giving up the majority of his wealth.
"It's not a decision I continuously reevaluate because I don't think it's good for me to constantly reevaluate anything," he explained. "It doesn't feel like a decision to me anymore, minute by minute."
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