As bitcoin plunged to 18 month low, seven of the world’s wealthiest crypto founders have vanished as quickly as they were assembled. The combined net worth of seven crypto billionaires has dropped from a peak of $145 billion in November 2021 to $31 billion as digital-asset values crumble, according to the Bloomberg Billionaires Index.
The biggest US crypto exchange, Coinbase Global Inc., stated it will lay off 18% of its workforce, citing the possibility of a recession leading to a “crypto winter.”
“We grew too quickly,” Coinbase founder and CEO Brian Armstrong said in a blog post announcing the cuts; Brian Armstrong’s wealth fell by $11.6 billion during this period. “Our employee costs are too high to manage this uncertain market effectively. Our actions today will allow us to manage this period more confidently even if it is severely prolonged.”
A founder of Binance Zhao, the world’s largest cryptocurrency exchange, said his company has “a very healthy war chest” and is expanding hiring. Even the 44-year-old has seen his fortune, once the world’s 11th-largest, tumble 89% to $10.2 billion since he debuted on the Bloomberg wealth index in January. His company has again become a focal point for US operatives seeking rein in the crypto industry.
Bankman-Fried, the 30-year-old CEO of crypto trading podium FTX, is down 66% since his fortune peaked at $26 billion. That could dent his goals to provide away his money and disburse large amounts of money on politics. He rushed $16 million into super PACs in April, making him one of outside groups’ top donors. He has said he expects to give more than $100 million during the next presidential election to support Democrats.
Meanwhile, Cameron and Tyler Winklevoss noticed their fortunes sag to $3 billion individually, from as much as $5.9 billion apiece. The 40-year-old twin founders of crypto exchange Gemini, which affirmed that it would cut about 10% of its workforce this month, are presently touring with their rock band, Mars Junction.
Coinbase’s Armstrong, 39, and co-founder Fred Ehrsam, 34, earlier worth a combined $18.1 billion, have seen their fortunes shrink to $2.1 billion each as shares of the company have tumbled 79% since its initial public offering.
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According to Saylor, 57, he’s keeping the faith: He tweeted “In Bitcoin We Trust” on Monday, along with a new picture of himself surrounded by lightning. Microstrategy, the software company he founded that plunged in value during the dot-com bubble in 2000, began buying Bitcoin in 2020. Its shares closed at the peak of $1,272 in February 2021, when the 2.36 million shares Saylor presently owns would have been worth $3 billion. They’ve since plummeted about 88%.
El Salvador’s 40-year-old president, Bukele, hadn’t tweeted about Monday’s plunge in crypto as of 4:45 p.m. in New York. His push to make Bitcoin legal tender was its first anniversary nearly a week ago. During the period, it traded at about $36,000.
