{"id":1730564,"date":"2022-11-08T19:03:16","date_gmt":"2022-11-09T00:03:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1730564"},"modified":"2022-11-08T19:03:20","modified_gmt":"2022-11-09T00:03:20","slug":"hero-to-zero-dems-newest-megadonor-faceplants-on-election-day","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hero-to-zero-dems-newest-megadonor-faceplants-on-election-day\/","title":{"rendered":"Hero to Zero: Dems\u2019 \u2018Newest Megadonor\u2019 Faceplants on Election Day"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhero-to-zero-dems-newest-megadonor-faceplants-on-election-day%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1730564&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p dir=\"ltr\">The man who has cast himself as one of the Democratic Party\u2019s emergent power players found his company in shambles\u2014forced to sell to its biggest rival\u2014on Election Day.<\/p>\n<p dir=\"ltr\">Suffering from a liquidity crunch after a run in which users pulled nearly $6 billion from the company, <a href=\"https:\/\/www.reuters.com\/business\/finance\/crypto-exchange-ftx-saw-6-bln-withdrawals-72-hours-ceo-message-staff-2022-11-08\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.reuters.com\/business\/finance\/crypto-exchange-ftx-saw-6-bln-withdrawals-72-hours-ceo-message-staff-2022-11-08\/&#038;source=gmail&#038;ust=1668033225088000&#038;usg=AOvVaw3hz0vZL97h7YFJHw6ApYaF\">according to Reuters<\/a>, Sam Bankman-Fried was forced into an emergency sale to a rival company, Binance. The announcement of FTX\u2019s acquisition prompted Bitcoin to plummet to two-year lows.<\/p>\n<p>  It&#8217;s a stunning reversal for the 30-year-old who donated over $5 million to Joe Biden&#8217;s campaign in 2020 and who just three months ago <a href=\"https:\/\/www.politico.com\/news\/2022\/08\/04\/democratic-megadonor-sam-bankman-fried-00049048\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.politico.com\/news\/2022\/08\/04\/democratic-megadonor-sam-bankman-fried-00049048&#038;source=gmail&#038;ust=1668033225088000&#038;usg=AOvVaw2JRvZWkKc-CTAmOZnZuf2K\">was vaunted<\/a> as a potential savior for Democrats in the midterm elections.\u00a0\u00a0&#8220;Some Democrats see Bankman-Fried\u2019s investments and engagement as the thing that could help them hold back a red midterm wave,&#8221; <em>Politico<\/em> reported in August.  <\/p>\n<p dir=\"ltr\">Bankman-Fried had suggested he might donate as much as $1 billion in the midterms and 2024 election, a figure that would have made him the largest political donor in American history. While he started the 2022 election season doling out $37 million to liberal groups and candidates\u2014he was the second-largest Democratic donor of the midterm elections behind liberal financier George Soros\u2014he closed his wallet in October, telling reporters that his plan to spend $1 billion was &#8220;a dumb quote on my part.&#8221;<\/p>\n<p dir=\"ltr\">Tech reporter Eric Newcomer referred to the sale as a &#8220;dot-com bust level event.&#8221;<\/p>\n<p dir=\"ltr\" lang=\"en\">Sequoia invested in a $420m round in FTX at a $25B valuation in October 2021 and a consortium with Paradigm invested $400M at $32B in January 2022.<\/p>\n<p>And now it&#8217;s selling in a fire sale?<\/p>\n<p>This is a truly crazy event in startup world. Dot-com bust level event<\/p>\n<p>\u2014 Eric Newcomer (@EricNewcomer) <a href=\"https:\/\/twitter.com\/EricNewcomer\/status\/1590020873528004609?ref_src=twsrc%5Etfw\">November 8, 2022<\/a><\/p>\n<p dir=\"ltr\">&#8220;Crypto has a way of humbling people who swagger too heavily,&#8221; said Ya\u00ebl Ossowski, a crypto currency watchdog at the Consumer Choice Center. &#8220;The days of Sam Bankman-Fried being a heavyweight Democratic fundraiser and political influencer to the benefit of his own exchange and his connected companies, are basically over.&#8221;<\/p>\n<p>Now Democrats who put faith in Bankman-Fried\u2019s donations to save the House and Senate may have an answer why he left them in the lurch. Bankman-Fried\u2019s net worth plummeted from $15.6 billion in the early hours of Tuesday morning to just $1 billion by Tuesday afternoon, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-08\/sbf-net-worth-is-eviscerated-in-days-with-binance-set-to-buy-ftx?sref=2IMrSBxY\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.bloomberg.com\/news\/articles\/2022-11-08\/sbf-net-worth-is-eviscerated-in-days-with-binance-set-to-buy-ftx?sref%3D2IMrSBxY&#038;source=gmail&#038;ust=1668033775456000&#038;usg=AOvVaw1mp73sC8-lltz052HA0777\">according<\/a>\u00a0to Bloomberg. His 94 percent one-day wipeout is the largest ever<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The man who has cast himself as one of the Democratic Party\u2019s emergent power players found his company in shambles\u2014forced to sell to its biggest rival\u2014on Election Day.<br \/>\nThe post Hero to Zero: Dems\u2019 \u2018Newest Megadonor\u2019 Faceplants on Election Day appeared first on Washington Free Beacon.<\/p>\n","protected":false},"author":1514,"featured_media":1730567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1730564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1730564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1514"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1730564"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1730564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1730567"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1730564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1730564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1730564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}