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- Sam Bankman-Fried, the founder of FTX, has signed a Giving Pledge, which is basically a public vow by afluents to give away most of their funds for good cause.
- During recent years, SBF has developed a reputation for writing big checks, majority of which going to political campaigns.
- Bill Gates and his ex wife Melinda Gates founded the Giving Pledge back in 2010 in collaboration with Warren Buffet.
Sam Bankman Fried Signs The Public Vow
FTX founder and CEO, Sam Bankman-Fried, has signed the Giving Pledge, a public vow founded by Bill Gates, Melinda Gates and Warren Buffet for the wealthiest folks and families around the world to give away a major element of their wealth to philanthropy in their wills of during their lifetimes.
Most of Sam Bankman Fried’s wealth comes from his prominent cryptocurrency exchange FTX. Back in January, FTX secured a $400 Million funding round, taking the valuation of the organization to $32 Billion.
As per Forbes total wealth of Sam Bankman Fried is estimated to be around $21 Billion, making him among the most affluent personalities surfacing due to the crypto shoot up.
In his pledge letter, Sam Bankman Fried stated that he became convinced a while ago that the duty of afluents was to do the most they can for the long term aggregate utility of this planet.
He further added that in the end it is the work that his colleagues and friends at foundation do that matters majorly.
In the last few years, Sam-bankman fried has developed a reputation for making big checks, which most of the time goes to political campaigns in the form of donations. This also involves a groundbreaking fund towards Carrick Flynn, an altruism-aligned candidate. Just the previous month, Flynn lost during the Oregon Democratic congressional primaries.
Sam Bankman Fried is a long time effective altruist, a theory which advocates for maximizing the total good generated while considering donations made to charity.
The concept of Giving Pledge was rendered by Bill Gates, his ex wife Melinda Gates, alongside Warren Buffet to motivate a greater giving from the top 1% of the 1% affluent.
To this day, the Giving Pledge has received 230 signatures from around 28 distinct nations. Other afluents signing this pledge involves Tesla Founder and CEO Elon Musk, BitMEX co-founder Ben Delo, and Meta (Formerly Facebook) founder Mark Zuckerberg.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
