Sam Bankman Fred, CEO of Hong Kong-based cryptocurrency exchange FTX, donated $ 5.2 million to Joe Biden’s presidential campaign.
As the Wall Street Journal reported on Oct. 28, Biden’s presidential campaign received a total of $ 79.5 million from the top 100 donors who identify themselves as leaders. Bankman-Freed is considered the second-largest shareholder-CEO of the campaign after Michael Bloomberg, co-founder of the eponymous finance and media company, who donated $ 56 million.
Major contributions from CEOs Biden and incumbent President Donald Trump are just a drop in the ocean. Both campaigns and their outside supporters raised $ 2.2 billion.
According to the Wall Street Journal, although Bankman-Freed is “relatively new to political spending,” FTX has entered the arena.
In February 2020, the FTX created a futures contract that allows traders to place bets on Trump’s re-election in 2020. The contract, dubbed the Trump symbol, expires at $ 1 if Trump wins the 2020 U.S. presidential election, and $ 0 if he loses. Most traders are betting on Trump’s loss, according to the latest recorded data. The FTX then launched a futures contract similar to Trump’s rival Biden.
Current prices for codes TRUMPWIN and TRUMPLOSE on FTX
At the time of publication, the vote count for the US presidential election is still ongoing, with no winner announced yet.