FTX CEO donates $5 million to Biden presidential campaign. The CEO of the Hong Kong-based FTX cryptocurrency derivatives exchange, Sam Bankman-Fried, donated $5.2 million to the presidential campaign of Joe Biden.
As the Wall Street Journal reported on Oct. 28, out of the top 100 donors identifying themselves as CEOs, Biden’s presidential campaign earned a total of $79.5 million. After Michael Bloomberg, the co-founder of the eponymous financial and media group, who contributed $56 million, Bankman-Fried is currently the second largest “CEO-contributor” to the initiative.
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 U.S. 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.