The corporate world’s financial fealty to cancel culture Democrats continues to the detriment of investors who have now lost billions of dollars after foolishly handing money over to a left-wing con artist.
Sam Bankman-Fried, the founder of crypto exchange FTX, has vanquished more than $15 billion in claimed assets, but while he still had other people’s money to play with, he donated millions to Democratic candidates and leftist causes, according to Fox News Digital, which reported that he “infused at least $38 million into left-wing groups during the 2022 election cycle.”
Bankman-Fried was, in fact, the second-biggest donor to Democratic political action committees and groups, behind far-left financial magnate George Soros, who shelled out some $127 million during the campaign cycle, including money going to the campaigns of far-left ‘district attorneys’ who go on to adopt soft-on-crime policies that are destroying American cities.
But it was the collapse of FTX this week that has called Bankman-Fried’s finances into question as now the exchange appears to be totally bankrupt.
“A full-fledged liquidity crisis forced FTX to file for bankruptcy Friday, and Bankman-Fried’s wealth, which was estimated to be $15.6 billion earlier this week, has sharply plummeted, according to the Bloomberg Billionaires Index. The index currently estimates Bankman-Fried has no material wealth,” Fox News Digital added.
Here is the note we sent to our LPs in GGFIII regarding FTX. pic.twitter.com/Cgp1Yxk1pz
— Sequoia Capital (@sequoia) November 10, 2022
“Bankman-Fried’s philanthropic collective, the FTX Foundation, which was committed to fighting climate change and other global health issues, disintegrated as a result of the crisis,” the report continued. “The group has supported the CarbonPlan and Giving Green, two climate initiatives dedicated to achieving a so-called green transition from fossil fuels, and the Good Food Institute, an organization pushing the expansion of plant-based meat.”
The foundation’s leaders all resigned on Friday, saying that the organization could not perform its work or hand out grants any longer.
“We are devastated to say that it looks likely that there are many committed grants that the Future Fund will be unable to honor,” the leaders noted in a blog post, according to Fox News Digital. “We are so sorry that it has come to this. We joined the Future Fund to support incredible people and projects, and this outcome is heartbreaking to us.”
During the campaign cycle, Bankman-Fried primarily donated to the Protect Our Future PAC and House Majority PAC, both of which support Democrats exclusively. The first PAC received some $27 million from the now-broke crypto magnate, making him the largest donor by far. In turn, the PAC spent nearly $24 million supporting Democratic candidates and leftist causes.
He also sent a six-figure donation to the Democratic Congressional Campaign Committee or the DCCC.
Earlier this year, Bankman-Fried made a pledge to spend $1 billion of his alleged fortune on leftist political contributions through 2024, the next presidential election cycle. But in October, he told Politico he would be winnowing that amount down to around $100 million. But his new financial troubles likely mean the $100 million pledge won’t materialize, either.
“This is an absolutely stunning turnaround from somebody who was the darling of Washington policy circles,” Blockchain Association Executive Director Kristin Smith told the outlet, according to Fox News Digital. “It was built on a house of cards.”
The news is only likely to get even worse for Bankman-Fried.
“Still, while billions will be lost, nobody will be crushed as much as Bankman-Fried himself, whose personal wealth has collapsed from $16 billion to what may now be a negative number when accounting for his personal debt. Of course, it’s all downhill from there especially once SBF is thrown in prison from stealing billions in client funds in his exchange and using them not even to buy yachts but to make catastrophically bad investments,” Zero Hedge‘s Tyler Durden offered on the news of the exchange’s bankruptcy.
Source material can be found at this site.