Caroline Ellison is the daughter of Glenn Ellison, the Gregory K. Palm (1970) Professor of Economics at MIT, who coached her math team when she was a middle schooler,[1][7][8] and Sara Fisher Ellison, also an economist at MIT.[9][10] She grew up in the Boston suburbs.[11] As a high school student, she attended Newton North High School and represented the US in the 2011 International Linguistics Olympiad.[12][13][14] She earned a National Merit Scholarship in 2012.[15] Ellison graduated from Stanford University in 2016 with a bachelor's degree in mathematics.[16][11] While at Stanford, she scored in the top 500 students in the 2013, 2014, and 2015 Putnam Competitions.
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Bankman-Fried was born in 1992 on the campus of Stanford University[2] into a Jewish family.[20][21] He is the son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School.[2] His aunt Linda P. Fried is the current dean of Columbia University Mailman School of Public Health.