Sam Bankman-Fried Donated Over $1B to Fund Democrats Campaign

Billionaire and Twitter CEO Elon Musk took to Twitter on Dec. 3, 2022, to publicly declare that the former CEO of the beleaguered exchange FTX and disgraced crypto Billionaire Sam Bankman-Fried donated over $1 billion in support of the Democrats in the 2024 U.S. elections.

Summary

• Elon Musk took to Twitter on Dec. 3, 2022, to publicly declare that Sam Bankman-Fried donated over $1 billion in support of the Democrats in the 2024 U.S. elections.
• Sam Bankman-Fried revealed that he donated equally to both Republicans and Democrats.

Sam Bankman-Fried Bankrolled Election Campaigns

In response to a Tweet by Will Manidiz on Dec. 1, 2022, the CEO of Twitter and Tesla, Elon Musk, publicly refuted claims that Sam Bankman-Fried donated $40 million. He strongly stated that the $40 million was the publicly disclosed number and the actual support for the Democrats campaign was over $1 billion.

That’s just the publicly disclosed number. His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?

— Elon Musk (@elonmusk) December 3, 2022

Earlier in the week, in an interview with Tiffany Wong, Sam Bankman-Fried revealed that he donated equally to both Republicans and Democrats.  Bankman-Fried stated, “I donated about the same amount to both parties this year.” He said that he did that to combat the large Democratic-leaning of media outlets urging him to make his Republican donations hidden.

Democrat Candidate Returns $1M to Sam Bankman-Fried

According to a report by The Texas Tribune, Beto O’Rourke, a former Democratic candidate for Governor of Texas, gave the ex-billionaire Sam Bankman-Fried, SBF of FTX, a $1 million refund. He stated that the money which he received on October 11 was returned since it was unsolicited.

SBF gave Beto the money to support his campaign against Republican Governor Greg Abbott in the US midterm elections. Beto, however, came in second to Abbott with only 43.8% of the vote to Abbott’s 54.8. For the third straight election, Beto has fallen short of his Republican opponent.

Conclusion

The FTX contagion is still a menace in the crypto space, and there are speculations that authorities are refusing to press charges because of SBF’s donations. However, the disgraced billionaire is expected to appear via Zoom at a hearing in Texas on Feb. 2, 2023. The revelations made by this hearing could be an inclination of how the market will react in 2023.