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Just saw something wild - a major US exchange CEO's net worth completely tanked and dropped out of the world's richest people list. Went from like $17.7 billion down to $7.5 billion in just seven months. That's over $10 billion evaporated. Apparently most of his wealth is tied up in his stake at the exchange, and the stock got absolutely hammered, down 60% from its peak.
But it's not just him. The Winklevoss twins from Gemini went from $8.2 billion to $1.9 billion. Galaxy Digital's CEO fell from $10.3 billion to $6.2 billion. Even MicroStrategy's founder lost like two-thirds of his wealth. Wild how fast fortunes shift in crypto when the market turns.
Makes you think about how much of these billionaires' wealth is just paper gains tied to their own companies' stock prices. When things crash, it all evaporates. Guess that's what happens when you're not diversified and the world's richest people list can flip in months.