Here's where Sam Bankman-Fried spent some of his crypto fortune: Bahamas properties, donations to key Democrats, and sponsoring sports teams
Lakshmi Varanasi
- At his peak, Sam Bankman-Fried's net worth was $26 billion.
- He spent his money on properties, political donations, and funding sports teams.
Sam Bankman-Fried told Bloomberg in April that years down the road, he'd subsist on $100,000 a year — that's it.
He'd keep a small percentage of the billions he had generated from his cryptocurrency empire and donate the rest.
Bankman-Fried billed himself as an effective altruist, a person who would rack up stacks of money — or coins— to one day put it all towards the betterment of the world. And, he donated money to several organizations founded on the principles of effective altruism.
However, Bankman-Fried also wrote out big checks to sports teams, properties, and political leaders. His spending has reflected a desire to buy influence as much as it has reflected his philosophical beliefs.
In early November, Bankman-Fried saw the bulk of his net worth drop from $15.6 billion to $1 billion in a single day, after news broke that his cryptocurrency exchange, FTX, needed a bailout.
Since then, FTX has filed for bankruptcy and Bankman-Fried has stepped down as CEO. Still, a barrage of secrets continues to emerge about the messy dynamics between FTX, Bankman-Fried's trading firm Alameda Research, and the way he leveraged both to make risky bets with customers' funds.
Bankman-Fried will likely not be making major donations any time soon. Here's a list of how he spent some of his once-massive fortune.
Properties
Bankman-Fried, his parents, and senior staff at FTX bought at least 19 properties in the Bahamas that totaled $121 million, according to Reuters.
That included a 600-acre ocean-front property in New Providence, Bahamas known as Albany where Bankman-Fried lived with 10 roommates.
Media investments
Bankman-Fried has invested in a handful of media companies, according to Crunchbase. He invested in Semafor, a news startup launched by former New York Times columnist Ben Smith and Bloomberg media officer Justin Smith.
He provided seed funding to Trustless Media, a production company at the intersection of Web3 and television production. Bankman-Fried also donated $5 million to investigative news outlet ProPublica, according to the AP.
Startups
Bankman-Fried also poured money into several startups through FTX, Alameda Research, and as an angel investor, according to Crunchbase. Those include financial technology companies like TrueFi and Chipper Cash, crypto platforms like Liquid Global, and blockchain companies like Faraway, which makes games.
Politics
Bankman-Fried spent over $10 million backing Joe Biden's presidential campaign, according to Politico. In 2022 alone, he spent over $40 million on campaigns, according to Federal Election Committee filings reviewed by Politico. He also gave $1 million to the Senate Majority PAC and $6 million to the House Majority PAC— two super PACs that are dedicated to keeping Congress in the hands of Democrats, according to The Los Angeles Times.
Philanthropy
Bankman-Fried has made many philanthropic donations, too. While working at Jane Street he gave half his money to effective altruism charities and animal welfare groups, according to Bloomberg. He gave away $50 billion in 2021 to pandemic relief in India and anti-global warming initiatives Bloomberg reported.
He's also made COVID-19 prevention a top issue as the principle funder of Guarding Against Pandemics, a nonprofit run by his brother Gabe, according to Politico. Even in his new home country of the Bahamas he donated $1.4 million worth of K95 masks and COVID-19 testing kits, according to the Nassau Guardian.
Sports
His most notable sports sponsorship is acquiring naming rights for the Miami Heat's arena. The original deal was slated to cost him $135 million over 19 years, according to Bloomberg. While the deal has been called off since FTX filed for bankruptcy, FTX is still required to pay three years worth of contract fees for a total of $16.5 million, according to CoinDesk.
He also spent about $30 million airing an ad in the 2022 Super Bowl featuring comedian Larry David, Bloomberg also reported.
Since June 2021, FTX has been the "Official Cryptocurrency Exchange brand of MLB." That means all Major League Baseball umpires wear a patch with FTX's logo.
Through FTX, Bankman-Fried has also forged deals with major basketball teams like the Washington Wizards and Golden State Warriors. FTX has also struck deals with individual athletes like basketball player Steph Curry and quarterback Tom Brady.
FTX even signed a $17.5 million deal with UC Berkeley to sponsor its athletic department.
Click here for a full list of all of Bankman-Fried's sports sponsorships.
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