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Elon Musk Says FTX CEO Did Not Come Under Scrutiny As He Was Major Democratic Donor

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Elon Musk believes that SBF’s political donations shielded him from regulatory scrutiny.


Twitter boss Elon Musk has said that Sam Bankman-Fried, the former CEO of bankrupt crypto exchange FTX, was not in regulatory crosshairs in the past because he donates to the Democratic Party.

“SBF was a major Dem donor, so no investigation,” the billionaire tweeted on Saturday.

The statement came in response to a tweet by the president of the non-profit conservative activist group Judicial Watch, Tom Fitton. Fitton asserted that while Musk has remained under continuous scrutiny by regulators under the Biden administration, SBF, the second-largest donor to the Democratic party and a regular guest of Congress, has carried out a despicable scam under their noses.

Notably, Musk followed up his statement with a picture giving a graphic representation of the alleged personal links SBF has to the chair of the Securities and Exchange Commission, Gary Gensler. The crypto community dug up these links as it struggled to come to terms with the deplorable business and finance practices of the crypto exchange run by SBF under the noses of regulators he routinely rubbed shoulders with.

In a separate tweet today, the billionaire expressed similar sentiments as he responded with a laughing emoji to coverage of the FTX collapse that has been described as an SBF “puff piece” by popular left-leaning media, The New York Times.

It is worth noting that earlier this year, the Twitter boss declined an offer from SBF to finance his Twitter purchase with $3 billion. In a recent response to leaked emails that show the communications that connected both parties, Musk reveals why.

“He set off my bs detector, which is why I did not think he had $3B,” Musk tweeted, highlighting parts of the text that show him questioning SBF’s liquidity.

It bears mentioning that last Thursday, the SEC announced it was launching an investigation against SBF in addition to FTX and FTX.US, per a Bloomberg report. In addition, the Department of Justice has also said it is looking into the matter.

Whether this will lead to criminal prosecutions, as many in the crypto community hope, is yet to be seen.

Notably, SBF is already facing criminal investigations in the Bahamas, where the former CEO headquartered the defunct crypto exchange.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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