This is crazy. He was funneling customer funds to politicians too? $40m worth and was planning up to $1b.
"SBF was planning to spend up to one billion dollars to help influence 2024 presidential election campaigns. His real plan is to bankroll the candidate running against former president Donald Trump. In 2020, SBF donated $5.2 million to the Joe Biden presidential campaign.
According to Open Secrets, a platform following the money in politics, SBF is the sixth largest political contributor. The platform reports that he has made a total contribution of $39.8 million for the 2021-2022 cycle."
There should be a tracker for companies that come out of nowhere and buy themselves into the top 10 of any major politician contributors list. So much money, so fast, should be a red flag for astute investors.
It's also a red flag about the savviness of the donors, since the races we're talking about here are extremely overcapitalized. SBF had a good shot at buying influence at the House level, but even in most Senate races the campaigns are probably already at a point of diminishing returns on dollars raised without any of this guy's goofy crypto money. Not that the campaigns won't assiduously take his calls! They'll take the money! Even the Biden campaign, which does not in the final analysis give even 1/15th of a fuck about an additional 5MM, will have someone set up some phone calls to get that money.
"SBF was planning to spend up to one billion dollars to help influence 2024 presidential election campaigns. His real plan is to bankroll the candidate running against former president Donald Trump. In 2020, SBF donated $5.2 million to the Joe Biden presidential campaign.
According to Open Secrets, a platform following the money in politics, SBF is the sixth largest political contributor. The platform reports that he has made a total contribution of $39.8 million for the 2021-2022 cycle."