Coinbase CEO and other crypto industry leaders see wealth surge after the U.S. election

2024-12-26 13:49:36

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ChainCatcher news, according to CoinDesk, Coinbase CEO Brian Armstrong and other leaders in the crypto industry have seen their wealth grow by billions of dollars in the political activities of 2024, despite investing heavily in supporting crypto-friendly candidates. 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 election, with his stake in the company increasing 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 has tripled the value of Garlinghouse's XRP holdings, so his personal wealth is expected to have increased significantly as well. On the other hand, a16z co-founders Mark Andreessen and Ben Horowitz hold significant stakes in various crypto companies, and their holdings are expected to have exceeded the funds invested in U.S. politics after election day.

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