The man who has cast himself as one of the Democratic Party’s emergent power players found his company in shambles—forced to sell to its biggest rival—on Election Day.
Suffering from a liquidity crunch after a run in which users pulled nearly $6 billion from the company, according to Reuters, Sam Bankman-Fried was forced into an emergency sale to a rival company, Binance. The announcement of FTX’s acquisition prompted Bitcoin to plummet to two-year lows.
It’s a stunning reversal for the 30-year-old who donated over $5 million to Joe Biden’s campaign in 2020 and who just three months ago was vaunted as a potential savior for Democrats in the midterm elections. “Some Democrats see Bankman-Fried’s investments and engagement as the thing that could help them hold back a red midterm wave,” Politico reported in August.
Bankman-Fried had suggested he might donate as much as $1 billion in the midterms and 2024 election, a figure that would have made him the largest political donor in American history. While he started the 2022 election season doling out $37 million to liberal groups and candidates—he was the second-largest Democratic donor of the midterm elections behind liberal financier George Soros—he closed his wallet in October, telling reporters that his plan to spend $1 billion was “a dumb quote on my part.”
Tech reporter Eric Newcomer referred to the sale as a “dot-com bust level event.”
“Crypto has a way of humbling people who swagger too heavily,” said Yaël Ossowski, a crypto currency watchdog at the Consumer Choice Center. “The days of Sam Bankman-Fried being a heavyweight Democratic fundraiser and political influencer to the benefit of his own exchange and his connected companies, are basically over.”
Now Democrats who put faith in Bankman-Fried’s donations to save the House and Senate may have an answer why he left them in the lurch. Bankman-Fried’s net worth plummeted from $15.6 billion in the early hours of Tuesday morning to just $1 billion by Tuesday afternoon, according to Bloomberg. His 94 percent one-day wipeout is the largest ever recorded among billionaires tracked by the outlet.
The best part about this is he banked rolled Democratic donors and lost his entire fortune in doing so!
In case anyone needed further proof: becoming ‘woke’ will not save your failing business, as seen with this asshole’s recent downfall.
Ah, this is the face of the cocksucker that royally fucked up my crypto portfolio. Makes sense.
I saw this mentioned on the news earlier today. What I want to know is, why isn’t he being charged with multiple felonies at this point.
Because he is a democrat
I heard he gave all of the money to his ugly rat-faced girlfriend to manage. Just so happens that he and 9 of his buddies were all using her as a communal slampig - typical cuck Democrats.
They were money laundering for Ukraine as well.
US sends Tax Payer money to Ukraine.
Ukraine then takes the money and puts it into FTX.
FTX then takes this money and donates it to the DNC and specific politicians.
Because he is a
Everything always comes out in the laundry.
That looks like Hong Kong in the back ground. I recognize the buildings!
Smart move. Fucking an ugly girl is a great way to get consistent sex. Because let’s be honest, who wants to have sex with an ugly girl? Nobody. So when you fuck an ugly girl, you know that you’re the only one she’s ever going to have sex with. That means that you can pretty much fuck her whenever you want, and she’ll never say no. Hence, why she was down with all of his friends hitting it too.
Skinny girls are all pussy. Probably a fun time.
Another day, another member of the tribe getting caught committing fraud in finance. Nothing new. Has nothing to do with him being a Democrat.