In 2022, Beychok continued, “he could make a big difference for Democratic candidates - if he wants.”īut it’s not clear if that’s what Bankman-Fried wants. And Bankman-Fried seemingly wandered into the middle of the Democratic Party and pulled out his wallet at the exact moment when many Democratic megadonors are pulling back, all ahead of a blistering midterm environment. Candidates, consultants and members of Congress are all eager to direct the millions he’s spending. The head-spinning speed of Bankman-Fried’s entrance onto the national political scene kicked off a race in Washington to understand him and define him - as a potential Democratic savior, a head-scratching mystery or, occasionally, a corrupt crypto bogeyman. Looking ahead to the 2024 election, he has said he could spend anywhere from $100 million to $1 billion. It was a shocking wave of spending that looked like it could remake the Democratic Party bench in Washington, candidate by candidate. He was also one of just a handful of donors who spent $10 million-plus backing President Joe Biden in 2020, and in the last year, he’s hired a network of political operatives and spent tens of millions more shaping Democratic House primaries. When he lobbies in Washington, D.C., he’ll often crash on his brother’s couch. He still uses his parents’ Netflix account. He shares a penthouse with about 10 roommates and cooks for himself. A monk-like aesthetic extends from his clothes - he showed up to chat in a wrinkled T-shirt and beat-up New Balance sneakers - to his personal life. The 30-year-old, who has amassed an estimated $20 billion fortune over the last four years through cryptocurrency, drives a hybrid Toyota Corolla. NASSAU, Bahamas - One of the biggest donors in Democratic politics this year isn’t sure if he really wants to be a Democratic megadonor - at least not on the party’s terms.īut then, part of life as Sam Bankman-Fried is about embracing paradoxes.
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