Sam Bankman-Fried managed a cryptocurrency business named FTX, which had an initial market cap of $18 billion in 2021 before surging to a massive $40 billion in 2022. At this time, Bankman-Fried made jokes about being able to eat up a conventional banking firm like Goldman Sachs.
Bankman-Fried has already seen a staggering 94% loss of his net worth over the course of one day, which Bloomberg described as the biggest one-day collapse among billionaires in terms of proportional losses. He has since stopped joking and gloating.
Before his fortune suddenly vanished, Bankman-Fried gave a ton of money to the Democratic Party.
Before the 2022 midterm elections, Bankman-Fried was the “newest megadonor” for the Democrats. In the 2020 election, he gave Joe Biden a $10 million donation.
He reportedly employed a network of political operators last year and spent at least $39,826,856 to aid Democrats in winning their House contests.
After lefty billionaire George Soros, the now-former FTX CEO was the second-largest individual Democratic fundraiser during this election cycle.
Bankman-Fried told Jacob Goldstein of “What’s Your Problem? ” that he may give Democrats up to $1 billion in donations for the 2024 presidential race.
Due to a financial shortage, FTX and Bankman-fortune Fried’s vanished. Investors withdrew roughly $6 billion from FTX in the days before the election, encouraged by a competing company that expressed worries about FTX’s liquidity condition. This had a domino effect on election night.
Eventually, Bankman-riches Fried’s was destroyed when FTX rival Binance intervened with a bailout, wiping out all of the other FTX investors in the process.
The financial wipeout is awful news for those investors, but it’s wonderful news for Republicans because it means he won’t have the money to give tens of millions of dollars to leftist candidates.