Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Crypto Billionaires’ Vast Fortunes Are Destroyed in Weeks (2)

May 11, 2022, 9:03 PM

It’s been a long few weeks since the crypto crowd was partying in Miami.

Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That’s now just $2.2 billion, according to the Bloomberg Billionaires Index, after a selloff in digital currencies from Bitcoin to Ether triggered a precipitous decline in the market value of Coinbase, the largest US cryptocurrency exchange.

Brian Armstrong
Photographer: Samyukta Lakshmi/Bloomberg

The firm’s shares have tumbled 84% since their first day of trading in April 2021, closing Wednesday at $53.72 after the company ...