FTX’s Sam Bankman-Fried regrets ‘dumb quote’ about giving $1 billion to political races
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, on Thursday, Oct. 13, 2022.
Ting Shen | Bloomberg | Getty Images
Crypto billionaire Sam Bankman-Fried is backing down from a previous comment suggesting he could spend $1 billion or more in races from now through the 2024 election.
In May, the 30-year-old said on the Pushkin Industries podcast, “What’s Your Problem,” that he expected to give “north of $100 million” in the next presidential election and had a “soft ceiling” of $1 billion. In an interview with Politico’s Morning Money this week, however, the founder of the global cryptocurrency exchange FTX called it a “dumb quote.”
“I think my messaging was sort of sloppy and inconsistent in some cases,” continued Bankman-Fried, who also founded trading firm Alameda Research.
Instead, Bankman-Fried has reportedly invested around $40 million in political action committees and campaigns this year in the run-up to midterm elections, with most of that money going to Democratic candidates. The FTX CEO has been the driving force behind the Protect Our Future PAC, which has raised more than $28 million thus far — and could move the needle in upcoming House races.
But for now, Bankman-Fried is hitting pause on his political campaign spending, telling Politico that, “At some point, when you’ve given your message to voters, there’s just not a whole lot more you can do.”
“You can spend more time on it, and more messaging, more money, more anything else, [but] you’re not accomplishing anything more,” the FTX CEO told Politico.
The crypto market has tanked since Bankman-Fried first pledged to spend hundreds of millions of dollars earlier this year.
Bitcoin, the world’s biggest cryptocurrency, is down more than 50% in the last six months, and over 70% since hitting its all-time high in Nov. 2021. Meanwhile, the crypto market as a whole went from a market cap of around $3 trillion less than a year ago, to less than $1 trillion today.
For his part, Bankman-Fried has been spending a lot of money the last few months to prop up the digital asset industry during the 2022 crypto winter. The quant trader-turned-CEO has bailed out multiple crypto firms to protect against a wider contagion effect across the sector, and Bankman-Fried told CNBC in September that FTX still has another $1 billion to deploy.
Bankman-Fried was also interested in helping to fund Elon Musk’s proposed takeover of Twitter, according to personal text messages that were released recently as part of Twitter’s lawsuit to force Musk to complete the deal. At one point, the billionaire was ready to commit up to $8 billion, according to a message to Musk from Bankman-Fried’s “collaborator,” professor Will MacAskill. However, he never made a formal offer, according to reports.
Meanwhile, U.S. regulators and politicians have been increasingly turning their attention to crypto policy in recent months, as a spate of bankruptcies and crypto bank runs have eroded confidence in the emerging asset class.
Last month, for example, the Biden White House released its first-ever framework on what crypto regulation in the U.S. should look like — including ways to crack down on fraud in the digital asset space.
— CNBC’s Brian Schwartz contributed to this report.
Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.
Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.
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Chevy EV owners in Texas who have Reliant as their electric utility can now charge for free at night with renewable energy.
Over 150 Chevrolet dealerships across Texas are now offering the Reliant Free Charge Nights plan to new EV buyers. With Free Charge Nights, customers can offset their charging costs by receiving credits for electricity used between 11 pm and 6 am. The plan is powered entirely by renewable energy, thanks to the purchase of renewable energy certificates (RECs).
Rasesh Patel, president of NRG Consumer, says the plan is about making power personal: “We’re excited to help Chevrolet EV drivers offset the cost of charging their vehicle all while having access to a renewable electricity plan.”
This collaboration aims to make EV adoption more appealing by making charging cheaper and greener. GM Energy’s chief revenue officer, Aseem Kapur, emphasized that partnerships like this help build the ecosystem needed to support an all-electric future: “The Reliant Free Charge Nights plan is a great example of how an automaker and an energy company can work together to make EV adoption an easy decision.”
Existing Reliant customers can also sign up for the Free Charge Nights plan. To get started, Chevrolet EV owners need to designate their vehicle on the GM Energy Smart Charging Portal before enrolling in the plan.
Reliant Energy, a subsidiary of NRG Energy, serves over 1.5 million customers in Texas, making it one of the largest electricity providers in the state.
Read more: Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes
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Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.
NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.
The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.
NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.
Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.
This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.
In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.
Ben Brown, CEO of Renew Home, said:
NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.
This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.
Read: Chinese solar giant Trina sells its Texas factory a week after it opens
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
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