Sunday, June 16, 2024

Sam Bankman-Fried, the founder of FTX, signs the Billionaires’ Giving Pledge.

FTX founder Sam Fried has joined the world’s richest people in signing a pledge to give away their money while they live or to philanthropy. Brinkman-Fried’s total fortune stands at $21 billion as listed by Forbes magazine. He is one among the wealthiest in the world and made his money in the crypto market.

Most of his fortune is from the equity stake in FTX, a crypto exchange. FTX recently completed a fundraiser in January worth $400 million and this puts the company’s value at $32 billion. Fried said in a pledge letter that he was convinced his duty was to the most while running the aggregate utility. He also said that it is the work that is done by foundations set up by friends that matters the most to him.

He has been an altruistic person for a long time and advocates doing good by making donations to charity. In the last few years, Fried has made a reputation for being a big donor to political campaigns. A record $12 million dollar check to fund Carrick Flynn came from Bankman-Friend. Per information available in the public domain, FTX Foundation has set aside $21.8 million for charitable purposes.

The Giving Pledge foundation was set up in 2010 by Bill and Melinda Gates along with Warren Buffet to encourage the ultra-rich to share their wealth. So far, about 230 people have signed on. Other well-known pledgers include Elon Musk, Mark Zuckerberg and Ben Delo. Brian Armstrong, Coinbase founder is another person who signed the pledge in 2018 as well.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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