🔔 Coinbase CEO, Other Crypto Insiders Billions Richer After Seeking to Steer Elections
Coinbase CEO Brian Armstrong and other crypto leaders significantly increased their wealth following the recent U.S. elections. They invested heavily in political campaigns aimed at supporting pro-crypto candidates. Armstrong personally profited from stock sales totaling approximately $437 million after Coinbase's stock surged post-election, boosting his net worth by around $2 billion.
Armstrong and his company contributed about $74 million to the Fairshake PAC, the primary political action committee for the crypto industry. Other notable figures, including Ripple's Brad Garlinghouse and partners from Andreessen Horowitz, also made substantial contributions, benefiting from the favorable election outcomes that have led to a significant rise in crypto asset values.
The transactional nature of the crypto industry's political strategy, which critics argue prioritizes financial gain over genuine grassroots engagement. Overall, the election results have provided a considerable financial windfall for these crypto insiders, reinforcing their influence in both politics and the market.