FTX CEO Mulls Possibility of Spending $1B on 2024 US Presidential Elections

UTC by Tolu Ajiboye · 3 min read
FTX CEO Mulls Possibility of Spending $1B on 2024 US Presidential Elections
Photo: Unsplash

FTX CEO Bankman-Fried, he could spend up to $1 billion on the US elections, an amount that would make him the largest election donor.

FTX CEO Sam Bankman-Fried recently revealed that he could spend as much as $1 billion in the 2024 US elections. Bankman-Fried made this astounding revelation in a media session, noting that his spending predisposition would depend on several external factors. As he put it:

“As for how much [exactly], I don’t know, it really does depend on what happens. It’s really dependent on exactly who’s running where for what.”

Sam Bankman-Fried’s potential billion-dollar outlay for the 2024 US Presidential Elections is an organic development from his original $100 million+ commitment. In the same media session, the FTX CEO had initially said he’d possibly spend more than $100 million. However, the billion-dollar sum, which he calls a “soft ceiling,” would be the more likely route depending on what happens during the election cycle.

Bankman-Fried will become the largest political donor in a single election if he spends $1 billion. Open Secrets researcher Alex Baumgart described the possible sum as being “in a league of its own”. Ratified data shows that the largest single US political donation is $218 million from Republican entrepreneurs Sheldon and Miriam Adelson in 2020.

FTX CEO Donation Antecedents

Bankman-Fried is no stranger to election donations. The 30-year-old FTX founder and CEO donated $5.2 million to Joe Biden‘s campaign during last year’s US elections. Bankman-Fried’s magnanimity to Biden served as the latter’s second-largest donation behind New York Mayor Michael Bloomberg’s $56 million.

In addition, the self-made FTX billionaire CEO has also donated more than $9 million to congressional candidates as part of political action committee (PAC) donations during the election cycle. Bankman-Fried’s PAC donation also funded the Oregon Democratic candidate Carrick Flynn’s unsuccessful primary campaign. Flynn lost out to Republican Andrea Salinas last week.

Commenting on the primaries, Bankman-Fried believes the outcome was a “well-fought race”. Furthermore, the FTX CEO also seemed to comment on the moral integrity and motive behind political campaign donations, saying:

“Going back to this discussion about expected values, if you’re donating political resources on candidates you’re 99% sure will win, you’re doing something wrong.”

Bankman-Fried, estimated to be worth $20 billion, says his philanthropic efforts have now hit $200 million. Outside of politics, the FTX CEO also suggested that future public-sector spending could go towards pandemic-curtailing efforts. Bankman-Fried’s brother currently runs a non-profit group dubbed Guarding Against Pandemics. According to its official website, this group seeks and encourages public investments to “prevent the next pandemic.”

FTX Expanding Products

Bankman-Fried’s FTX recently initiated talks with some traditional stock brokerage firms over a possible acquisition deal. This move comes after the Bahamian crypto exchange announced plans to launch a zero-commission stock trading service through its US arm. FTX’s venture into the purchase and sales of regulated US equities is part of a broader company scope to diversify and become the ‘everything exchange.’

Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

WhaleMaker
Related Articles
WhaleMaker