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The Story
Sam Bankman-Fried: The inside story from the author of The Big Short
Oct 3, 2023
Michael Lewis, author of The Big Short, tells the inside story of Sam Bankman-Fried, the crypto whizz kid at the heart of one of the 21st century's most spectacular financial collapses. They discuss his rapid rise in the crypto trading industry, his move to the Bahamas, and the loosely-run nature of his enterprise. They also touch upon friendship, conflict of interest, and the literary opportunity that arose from his story.
36:32
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Quick takeaways
- Sam Bankman-Freed's rapid rise to become a billionaire under 30 through high-frequency trading and his goal to use his wealth for the greater good.
- Sam Bankman-Freed's lack of concern for risk management and unconventional office space designs, leading to bizarre design choices and the collapse of his empire.
Deep dives
The Rise of Sam Bankman-Freed
Sam Bankman-Freed, a crypto tycoon, created the crypto exchange FTX. He made money rapidly and became the world's youngest billionaire under 30. His goal was to give away his wealth to benefit humanity and he was associated with the effective altruism movement. Despite his success, he lacked social relationships during his childhood and had an isolated upbringing. Through high-frequency trading, he made a fortune and decided to enter the world of cryptocurrencies. He moved his business from Hong Kong to the Bahamas, aiming to control the American cryptocurrency market. However, a tweet from a rival crypto exchange triggered a run on his business, leading to bankruptcy and the loss of billions of dollars.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode