FTX CEO Announces to Stop Spending On Political Race

    FTX CEO Sam Bankman-Fried said he would postpone his investment in political activities after the bold statement to spend up to $1 billion in the 2024 U.S. Presidential election.

    In May 2022, FTX CEO Sam Bankman-Fried boldly stated that he plans to donate up to $1 billion in the 2024 U.S. presidential election. According to data from OpenSecrets, such political spending will help the wealthiest man in the crypto space become the biggest political sponsor in a US Presidential election.

    However, at present, Mr. Sam Bankman-Fried appears to have cooled down on his political donations, which he has previously seen as an important step for stepping into various policy areas, especially crypto regulation.

    Specifically, in a podcast session with Politico’s Morning Money last week, the FTX CEO said he would pause political activities to focus on FTX with more important strategies.

    In the past, Sam is said to have raised nearly $40 million in anticipation of the 2022 midterm elections, mainly through Protect Our Future PAC, which has raised around $28 million. Most of that went to Democratic candidates.

    However, it seems that for this crypto billionaire, dominating the waning crypto market is a far more effective strategy in short term than attempting to invest in political activities.

    The FTX CEO has been steadily ramping up his buybacks of companies destroyed by the entire market crash in the June liquidity crisis. Last month, multiple reports suggested that FTX was considering acquiring the assets of crypto lending platform Celsius after winning Binance in an auction to buy Voyager Digital’s assets worth around $1.4 billion. Not only that, Sam Bankman-Fried repeated his assertion that FTX still has another $1 billion to spend on acquisitions.

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