Deep Tide TechFlow News, December 26, according to CoinDesk, Coinbase CEO Brian Armstrong and other crypto industry leaders have seen their wealth increase by billions in political activities for 2024, despite investing heavily in supportive candidates for crypto-friendly policies. Coinbase's political action committee Fairshake invested about $74 million in the elections, helping several candidates win. Armstrong gained an additional $129 million through stock sales after the elections, with his stake in the company rising in value by over $2 billion.
Ripple Labs CEO Brad Garlinghouse and Andreessen Horowitz also invested $73 million and $70 million respectively to promote reforms in crypto policy. It is reported that Garlinghouse owns over 6% of Ripple and a significant amount of undisclosed XRP tokens. This election tripled the value of Garlinghouse's XRP holdings, suggesting a substantial increase in his personal wealth. On the other hand, a16z co-founders Mark Andreessen and Ben Horowitz hold significant stakes in various cryptocurrency companies, with their holdings expected to exceed the amount invested in U.S. politics after the election.
