The Rise and Fall of Sam Bankman-Fried

The Complex Persona of Sam Bankman-Fried

Michael Lewis's "Going Infinite: The Rise and Fall of a New Tycoon" delves into the intricate story of Sam Bankman-Fried (SBF), the former CEO of FTX. The narrative sheds light on SBF's unexpected rise and dramatic fall, offering a nuanced view of his motivations and interactions. Unlike Lewis's less sympathetic portrayal of figures in the 2008 financial crisis, this book presents a more favorable perspective of SBF.

Unveiling Unknown Details

The book reveals several lesser-known aspects of the FTX debacle. It includes SBF's controversial attempt to dissuade former President Donald Trump from running for office again and personal insights into his relationships, notably with Caroline Ellison, the former CEO of Alameda Research. However, the focus remains on understanding SBF's mindset concerning money and his interpersonal dealings.

Altruism and Financial Ambitions

A significant portion of the book discusses SBF's motivations behind effective altruism. This philosophy advocates for earning substantial sums to donate towards improving the world. Lewis portrays SBF as someone who gathered like-minded individuals with limited crypto experience to establish Alameda and FTX. They were depicted as noble crusaders, somewhat oblivious to the looming collapse that left many FTX users without their savings.

The Bigger Picture

While the book highlights SBF's vision and the idealistic approach of his team, it also underscores the disconnect between their altruistic goals and the harsh financial reality faced by FTX users. This duality forms the crux of the narrative, providing a comprehensive view of both the idealism and the pitfalls that characterized the rise and fall of SBF and FTX.