The post Sam Bankman-Fried, CEO Of FTX, Steps Back On $1 Billion Political Donation appeared first on Coinpedia Fintech News

In an interview with Politico’s Morning Money, Sam Bankman-Fried, the CEO of the cryptocurrency exchange FTX, backtracked comments that he would contribute up to $1 billion to the upcoming presidential election.

The billionaire has previously declared that he will invest “north of $100 million” in upcoming political elections. Bankman-Fried retracted the comment in the Politico interview, calling it a “dumb quote.”

This year, Bankman-Fried has spent about $40 million on political action groups and campaigns, the vast majority of which has gone to the Democratic Party and its candidates. He was a major contributor to Joe Biden’s successful 2020 presidential campaign.