Sam Bankman-Fried, the CEO of Hong Kong-based cryptocurrency derivatives trade FTX, donated $5.2 million to vice chairman Joe Biden's presidential
Sam Bankman-Fried, the CEO of Hong Kong-based cryptocurrency derivatives trade FTX, donated $5.2 million to vice chairman Joe Biden’s presidential marketing campaign.
As The Wall Road Journal reported on Oct. 28, Biden’s presidential marketing campaign obtained a complete of $79.5 million from the highest 100 donors describing themselves as CEOs. Bankman-Fried is reportedly the second-largest “CEO-contributor” to the marketing campaign after Michael Bloomberg, a co-founder of the eponymous monetary and media firm, who donated $56 million.
The main contributions by CEOs to each Biden and present president Donald Trump are nonetheless solely a drop within the bucket. Each campaigns along with their exterior backers raised $2.2 billion {dollars}.
Whereas Bankman-Fried is a “relative newcomer to political spending,” in keeping with The Wall Road Journal, FTX has already dabbled within the enviornment.
In February 2020, FTX arrange a futures contract designed to permit merchants to guess on Trump’s reelection in 2020. Dubbed Trump token, the contract expires to $1 if Trump wins the 2020 US presidential normal election, and $zero if he loses. Based on the most recent recorded knowledge, the vast majority of merchants have put their bets on “Trump Lose.” FTX subsequently launched the same futures contract for Trump’s rival Biden.
At publishing time, votes for the American presidential election are nonetheless being tallied, with declared winner to this point.