The fall of FTX and irregular business practices by its former CEO have resulted in a huge loss to the US democratic party in the form of the loss of multimillion donor donations to the party.
How many donations did Sam Bankman Fried give to US democratic party?
Sam Bankman Fried, the former CEO of FTX was once considered the second largest donor to the democratic political party in the US, after the highest share of George Soros to the democratic party in the recent midterm elections. Sam Bankman Fried had assured the donations of approximately $1bn to the Democratic candidate in the next US presidential elections.
Sam Bankman Fried gave these donations to candidates with similar political views and improvement suggestions. The former FTX CEO was trying to help US elections in an effective manner for the future of the crypto industry.
The fall of FTX with the chapter 11 bankruptcy laws in the US, has shattered all of these plans of the democratic party and the FTX platform. The former CEO of FTX, Sam Bankman Fried also called SBF, sometimes worked on providing political campaign support to the democratic in an overnight manner, without any political background or any personal political history.
Sam Bankman Fried became a supporter of the democratic party for the causes and the views which were in similarity to his views. But the issues of liquidity disaster at the FTX platform have impacted the entire $32bn empire and fortune of 30-year’s-old SBF and the company is now facing bankruptcy proceedings in the US.
The multi-millionaire SBF was seen as the second largest donor to the democratic party in the midterm elections in the US, with a total spending of $36mn. These spendings were considered the biggest spending only after George Soros, who spent approximately $126mn. SBF contributed his major funds to his Protect “Our Future Pac” which was made with the promise of pandemic prevention and similar welfare causes.
Sam Bankman Fried supported which candidates in the US midterm elections?
Sam Bankman Fried has supported around 25 candidates in the midterm elections in the US, out of which 18 democratic candidates were able to make it to the finals. The important point to note here is, all of these candidates whom Sam Bankman Fried supported, were first-time electors and were considered generation Z members in the elections.
Generation Z is considered the next youngest generation in the world and is considered to be from the late 1990s as starting birth year and the till the 2010s in the world. Some important candidates whom Sam Bankman Fried supported in the midterm US elections were Abigail Spanberger who is a Virginia consultant and the Florida representative-elect Maxwell Frost.
