The co-founder and CEO of\u00a0a Bahamas-based cryptocurrency exchange said he plans to give away the bulk of his fortune, estimated to be in the billions.<\/p>\n
FTX CEO Sam Bankman-Fried, one of the richest people in the world,\u00a0told Bloomberg on Sunday<\/a> that he will\u00a0keep 1% of his earnings each year, or about $100,000. Every other dollar\u00a0\u2013 or Bitcoin\u00a0\u2013\u00a0will be given away under the philosophies\u00a0of “effective altruism” and\u00a0\u201cearning to give.\u201d<\/p>\n \u201cYou pretty quickly run out of really effective ways to make yourself happier by spending money,\u201d Bankman-Fried told Bloomberg. \u201cI don\u2019t want a yacht.\u201d<\/p>\n According to Forbes<\/a>,\u00a0Bankman-Fried’s current net worth is $24 billion. In 2021, investors valued FTX at $18 billion,\u00a0and there has been\u00a0rapid growth since. By January 2022, the exchange and its U.S. operations hit a combined value of $40 billion.<\/p>\n In terms of \u201cearning to give,” Bankman-Fried told Bloomberg that he\u00a0gave away $50 million last year, including to funds for\u00a0pandemic relief in India and climate\u00a0initiatives.<\/p>\n More:<\/strong>MacKenzie Scott has donated more than $12 billion. Here’s where some of the money has gone<\/a><\/p>\n However, Bloomberg also reported\u00a0the billionaire had\u00a0donated less to charity than he has spent on other ventures\u00a0\u2013 such as naming rights for the Miami Heat’s arena, with a\u00a0cost of $135 million over 19 years.\u00a0He also spent an estimated $30 million on\u00a0a Super Bowl ad with comedian Larry David.<\/p>\n\n Bankman-Fried also had made\u00a0large political contributions.\u00a0In 2020, he\u00a0contributed over $5 million to a\u00a0super-PAC supporting now President Joe Biden. In 2021, he donated on both sides of the aisle \u2013 contributing $5,800 each,\u00a0the maximum individuals can give directly to congressional campaigns, to six\u00a0Senate Republicans and four Senate Democrats, Forbes reported<\/a>.\u00a0The lawmakers included\u00a0<\/strong>Bill Cassidy, R-La.;\u00a0Susan Collins, R-Maine;\u00a0Lisa Murkowski, R-Alaska;\u00a0Ben Sasse, R-Neb.;\u00a0Mitt Romney, R-Utah;\u00a0Richard Burr, R-N.C.;\u00a0Patty Murray, D-Wash.;\u00a0Alex Padilla, D-Calif.;\u00a0Maggie Hassan, D-N.H.,\u00a0and\u00a0Joe Manchin, D-W.Va.\u00a0\u00a0<\/p>\n FTX did not respond\u00a0to USA TODAY’s request for comment.<\/p>\n\n FTX cofounder and chief technology officer Gary Wang topped Forbes’ 2022 list of the world’s billionaires under 30<\/a> released\u00a0Tuesday.\u00a0Bankman-Fried congratulated his fellow cofounder on Twitter.<\/p>\n “Congratulations, Gary, on becoming the wealthiest person in the world under 30. I couldn’t be prouder,” wrote Bankman-Fried<\/a>, who was Forbes’ richest 20-something last year,\u00a0before turning 30 in March.<\/p>\n Wealth disparities:<\/strong>World’s 10 richest men double wealth in the pandemic while 99% of incomes drop, group says<\/a>\u00a0<\/p>\n![\"(FILES)](\"https:\/\/www.gannett-cdn.com\/presto\/2022\/04\/05\/USAT\/1a9554fc-e001-41c7-981b-fb519f848b92-AFP_AFP_9ZQ6UH.jpg?width=660&height=440&fit=crop&format=pjpg&auto=webp\")
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