FTX’s Sam Bankman-Fried Backs Down On $1B Political Donation, Calls It ‘Dumb Quote’

The founder and CEO of cryptocurrency exchange FTX,Sam Bankman-Fried, announcedhe could donate up to $1 billion in the U.S. Presidential elections in 2024.

But now it seems he is backing down from his previous statement. In a recentinterview, Bankman-Fried called it a "dumb quote."

"I think my messaging was sort of sloppy and inconsistent in some cases," said Bankman-Fried.

Earlier, he had remarked, "I would guess north of $100 million. As for how much more than that, I don't know. It really does depend on what happens. It's really dependent on exactly who's running where for what, and these things are super contingent."

Bankman-Fried has reportedly spent close to $40 million on political action committees and campaigns via the Protect Our Future PAC this year. Most of the amount goes to the Democratic party and its candidates.

"At some point, when you've given your message to voters, there's not a whole lot more you can do," Bankman-Fried said in the interview.

Bankman-Frierd has saidhe is abstaining from any further political spending.

Also Read:'Everything's Down' In 2022 Not Just Crypto, FTX CEO Bankman-Fried Tells Mooch

"Frankly, I could try and talk about pandemic preparedness in a general election.But most voters are gonna say,'That's cool, but like, I'm a Democrat,' or 'I'm a Republican.' So that's not going to move the needle enough for me to go over all of the other issues," he added.

Earlier in June,Bankman-Fried pledged to give away the majorityof his wealth to charitable organizations.

FTXis circling beleaguered lending company Celsius. In addition, FTX.US recently won a bid to purchaseVoyager Digital, a crypto investment company that filed for Chapter 11 bankruptcy in July this year.

See Also:Sam Bankman-Fried Welcomes Comparisons To J.P. Morgan For Crypto Bailouts: 'I Thought Was The Right Thing For The Industry'

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Photo: Courtesy FTX