Politics
Billionaire FTX founder Sam Bankman-Fried said he’d spend lavishly to elect Democrats in the coming years. But with midterms looming, his wallet is suddenly shut.
When Sam Bankman-Fried was asked during a podcast earlier this year how much money he might give to political candidates over upcoming election cycles, he offered an eye-popping ballpark number. The 30-year-old crypto titan guessed that, at a minimum, he would put down “north of $100 million,” enough cash to make him one of the country’s most important donors. Pressed by the host on whether he might even spend up to $1 billion, he answered, “Yeah, I think that’s a decent thing to look at,” adding that the number was “a sort of soft ceiling” on his potential largesse.
Even if that $1 billion figure sounded outlandishly unrealistic, the comments still seemed to promise a huge tailwind for largely Democratic candidates. After all, Bankman-Fried, who founded the global crypto exchange FTX and is currently worth about...
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