The “relative newcomer” to politics joined other major CEO donors to the Democratic candidate.
Sam Bankman-Fried, the CEO of Hong Kong-based cryptocurrency derivatives exchange FTX, donated $5.2 million to vice president Joe Biden’s presidential campaign.
As The Wall Street Journal reported on Oct. 28, Biden’s presidential campaign received a total of $79.5 million from the top 100 donors describing themselves as CEOs. Bankman-Fried is reportedly the second-largest “CEO-contributor” to the campaign after Michael Bloomberg, a co-founder of the eponymous financial and media company, who donated $56 million.
The major contributions by CEOs to both Biden and current president Donald Trump are still only a drop in the bucket. Both campaigns together with their outside backers raised $2.2 billion dollars.
While Bankman-Fried is a “relative newcomer to political spending,” according to The Wall Street Journal, FTX has already dabbled in the arena.
In February 2020, FTX set up a futures contract designed to allow traders to bet on Trump’s reelection in 2020. Dubbed Trump token, the contract expires to $1 if Trump wins the 2020 US presidential general election, and $0 if he loses. According to the latest recorded data, the majority of traders have put their bets on “Trump Lose.” FTX subsequently launched a similar futures contract for Trump’s rival Biden.
At publishing time, votes for the American presidential election are still being tallied, with declared winner so far.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.