"He's very smart... At the age of 30 he was worth $22 billion" - When next-in-line Orioles owner David Rubenstein endorsed FTX's Sam Bankman-Fried

David Rubenstein, co-founder and co-executive chairman of the Carlyle Group and reported future owner of the Baltimore Orioles, shared intriguing insights about FTX CEO Sam Brinkman-Fried during an interiew for Bloomberg TV, back in 2022. Rubenstein prasied Bankman-Fried’s intellect and financial success, highlighting that by the age 30, the FTX founder was worth a staggering $22 billion.

Bankman-Fried, known for his uncontroversial lifestyle, commitment to philanthropy, and early financial triumphs, became the youngest person to sign the Giving Pledge — an initiative to donate the majority of one’s wealth to address society’s most pressing problems. Rubenstein commended Bankman-Fried for his dedication to giving away all his money, living modestly in the Bahamas with minimal possesions, and focusing on specific public issues and policies that matter to him.

"He‘s very smart, he’s made a lot of money, at the age of 30 he was worth 22 billion dollars."

Sam Bankman-Fried was recently found guilty on seven charges, including financial fraud.

However, the narrative took a sudden turn as recent reports unfolded a different side of Bankman-Fried. On November 2, 2023, the FTX founder was found guilty on seven counts, including stealing $8 billion in one of the most significant financial fraud cases on record. The verdict marked a dramatic fall from grace for the 31-year-old former billionaire.

On November 2, 2023, the FTX founder was found guilty on seven counts, including stealing $8 billion in one of the most significant financial fraud cases on record.

Bankman-Fried’s conviction was a result of a month-long trial where prosecutors argued that he looted funds from his now-bankrupt cryptocurrency exchange, FTX, driven by sheer greed. The cryptocurrency entrepreneur, once celebrated as a darling of the crypto world, saw his personal fortune of approximately $26 billion wiped out when FTX filed for bankruptcy just shy of one year before the guilty verdict.

The rapid downfall of Sam Bankman-Fried, from being lauded by David Rubenstein to facing major financial fraud charges, underscores the unpredictable nature of the financial world. The FTX founder’s legal battles are far from over, as he is set to go on trial again on a second set of charges, inclusing alleged foreign bribery and bank fraud conspiracies.

As David Rubenstein looks toward the ownership of the Baltimore Orioles, the endorsement of Bankman-Fried, now tainted by the legal proceedings, adds a layer of complexity to the narrative. The transition of the Orioles under Rubenstein’s ownership is still contingent on Major League Baseball’s approval.