The chief executive of FTX, Sam Bankman-Fried has turned out to be a Democrat supporter. It appears that in order to show his support for US politics, the CEO of the Hong-Kong based crypto derivatives exchange donated $5.2 million for the presidential campaign of Joe Biden. On October 28th, a report was issued by the Wall Street Journal, which highlighted that the total number of donations received by the Democratic presidential candidate for his campaign was $79.5 million and it came from 100 donors who refer to themselves as CEOs of different organizations. According to the report, Bankman-Fried actually took the second spot in the list of these ‘CEO contributors’ for the presidential campaign.
He was only second after the co-founder of the media and financial giant, Bloomberg. Michael Bloomberg had donated a sum of $5.6 million to Biden’s presidential campaign for the 2020 elections. However, it should be noted that the major contributions made by CEOs to campaigns of both presidential candidates, i.e. Trump and Biden, are only a small drop in a bucket. When put together, the total funding that both presidential candidates were able to raise for their campaigns amounted to a whopping $2.2 billion.
For quite a while, FTX has dipped its toes in the political arena, but when it comes to the world of political spending, the exchange’s CEO is still considered a ‘relative newcomer’. In February of this year, the FTX derivatives exchange had introduced a futures contract that was designed to let traders bet over whether Trump would be able to succeed in being re-elected in the 2020 elections or not. Named aptly as trump tokens, they would expire to $1 if the Republican candidate does win the U.S presidential elections. But, the tokens would default to $0 in the event of Trump losing.
According to the latest recorded data, most of the traders are now convinced that Donald Trump will not be re-elected due to which ‘Trump Lose’ is seeing some hefty bets. Subsequently, a new futures contract has been launched by FTX, which has the same concept, but it is meant for Joe Biden. As of now, the winner for the U.S. presidential elections is yet to be determined and it remains quite uncertain. Currently, Joe Biden is leading the race with more electoral votes with the current president trailing, but there are a lot of votes still left to be counted.
The current elections in the U.S. have turned out to be quite stressful. A number of businesses chose to board their shops in fear of potential protests. No matter who wins the elections, whether it is Trump or Biden, it is expected that the losing political group will initiate protests. With Biden leading, Donald Trump is already making noises about recounts and filing lawsuits, which has prompted his supporters to take to the street. With any luck, things will ease up once the count is finished and people will find out exactly who is the winner.
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