By
Chimamanda U. Martha
April 19th, 2024
At the time of writing this piece, Joe Biden had amassed 50% of the votes totaling 72,130,179 votes while incumbent President Trump has 48% or 68,648,006 of the total votes counted by now.
The CEO of FTX Derivatives Exchange Sam Bankman-Fried ranks as the second-highest donor to the campaign of former Vice President and Democratic Presidential Candidate Joe Biden. As revealed by the Wall Street Jornal, the Hong Kong-based CEO made a total donation of US$5.2 million, a sum which came behind Biden’s major financier, Michael Bloomberg who made a total donation of $56 million.
Interests in the electoral process in the United States of America goes beyond the candidates under the spotlight and cascades down to every state, organization, and individual. One of the key ways the citizens showcase their support is in pulling their funds to fund the ads and other campaign-related expenses of the chosen candidates. Consequent upon this, Joe Biden, the candidate from the major opposition party raised a total of $79.5 million from his top 100 donors who comprise mostly of Corporate CEOs while President Donald Trump lagged behind with $75 million according to the WSJ.
Besides the FTX Derivatives Exchange’s CEO and Michael Bloomberg, the founder of the privately held financial, software, data, and media company Bloomberg LP, other donors to Biden’s cause includes Jeff Lawson, the head of cloud communications platform Twilio Inc (NYSE: TWLO) who together with his wife Erica had reportedly donated up to $7.2 through different campaign funding groups in an effort to get Joe Biden to the White House.
“Capitalism and philanthropy can only do so much to overcome the impacts of poor policy,” the couple said in a statement justifying the decision to back Biden. “That’s why we are investing in leadership who we feel will bring out positive policy changes across a variety of issues to ensure health and prosperity for all Americans.”
With records of other CEO’s and their support for Biden, the notable donation of the FTX CEO might impact the future of the entire crypto or derivatives market under Biden’s presidency, should he be declared the winner.
How Can the Donation from FTX CEO and Others Help the Cause?
Since the election had been concluded on November 3, the results continued to roll in and Joe Biden is in an early lead according to a live report update seen on the Wall Street Journal.
At the time of writing this piece, Joe Biden had amassed 50% of the votes totaling 72,130,179 votes while incumbent President Trump has 48% or 68,648,006 of the total votes counted thus far. While this shows a visible lead for Joe Biden, the 77-year old is closer to hitting the required 270 electoral votes required to clinch victory as the 46th President of the United States as he currently has 264 electoral votes against President Trump’s 214
With few states left to declare their results, an outsider can say that the funding from FTX Exchange CEO, Sam Bankman-Fried, Michael Bloomberg, and the others have yielded results thus far.