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FTX's Sam Bankman-Fried Backtracks on $1B Political Donation, Calls It 'Dumb Quote'
The head of crypto exchange FTX is a political mega-donor and had earlier said he might donate up to $1 billion in the 2024 U.S. presidential election.
Sam Bankman-Fried, the head of crypto exchange FTX, in an interview with Politico's Morning Money backtracked on his remarks that he would donate up to $1 billion in the next U.S. presidential election.
Earlier this year, the billionaire had said that he would spend “north of $100 million” on future political campaigns. In the Politico interview, Bankman-Fried took back the statement, calling it a "dumb quote."
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Bankman-Fried has spent almost $40 million on political action committees and campaigns this year, the bulk of it going to the Democratic party and its candidates. He was one of the single largest donors behind Joe Biden's successful 2020 presidential campaign.
“At some point, when you've given your message to voters, there's just not a whole lot more you can do,” Bankman-Fried said. “You can spend more time on it, and more messaging, more money, more anything else, [but] you're not accomplishing anything more.”
Read more: FTX's Bankman-Fried Is Already a Political Mega-Donor. He's Doubling Down
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
